⁍ * Gold posted gains in the previous nine sessions.
⁍ Q2 U.S. GDP contracts at steepest pace since Great Depression.
⁍ Trump raises possibility of delaying the Nov election.
– The Dow Jones Industrial Average plunged more than 500 points Wednesday, its biggest drop in more than two years, after President Trump suggested the November election might be delayed. The Dow is down about 3% for the year, and the S&P 500 and Nasdaq are also down about 3%, per the Wall Street Journal. “We’re in a sea of uncertainty right now,” a market strategist at RW Baird & Co. tells the Journal. “There’s no clear-cut answer to the question of when the Fed is going to raise rates and when they’re going to stop raising rates. There’s no clear-cut answer to the question of whether Trump is going to do anything about it.” Meanwhile, Reuters reports that gold fell 0.9% to $1,952.30 an ounce, ending a nine-day winning streak, its longest since December 2017. The non-yielding metal, which benefits from low interest rates, is up over 28% so far this year, supported by strong investment demand. “We’ve seen gold’s positioning has started to not only from the institutional side, but more recently we have really seen bloat in retail flows,” a commodity strategist says. “All of this suggests that this is probably as good as it’s going to get for gold for the time being.”
Source: https://www.reuters.com/article/global-precious/precious-gold-set-to-break-longest-winning-streak-since-end-2017-idUSL3N2F14YZ