Contact Your Financial Adviser Money Making MC
9
November 2016
As equity markets became jittery with
Republican Donald Trump being elected the 45th President of the US on
Wednesday, investors found safe haven in gold, triggering a spike in prices.
"Gold prices have been fluctuating
globally between $1,270-$1,330 per ounce since last evening. Investors' have a
negative psyche about Trump winning the elections. They feel Trump will take
dynamic decisions that will adversely impact businesses and there will be lot
of disturbances. Hence investors feel gold is a safe haven to park their
money," Rahul Gupta, Director, P.P. Jewellers and Diamonds, told IANS. The Total Investment & Insurance
Solutions
A key Indian equity index, the 30-share
sensitive index (Sensex) of the BSE, crashed 1,688 points, or 6.12 per cent, in
early trade on Wednesday. The Total
Investment & Insurance Solutions
The surprise victory of Trump, 70,
defied most predictions. The billionaire thwarted Democrat Hillary Clinton's
dream to be the first US female President of America.
Trump won with 288 electoral votes
compared to Clinton's 215. The winner needed 270 out of 438 total electoral
votes to control the White House. The
Total Investment & Insurance Solutions
"It was on expected lines that gold
prices will surge if Donald Trump wins. Investors are not too confident about
Trump's economic policies," said Bachhraj Bamalwa, Director, All India
Gems and Jewellery Trade Federation.
The Total Investment & Insurance Solutions
"To win the hearts of the US people
he may come out with certain policies which may impact business, investors
feel," Bamalwa told IANS. The
Total Investment & Insurance Solutions
Globally, gold price was hovering around
$1,268 per ounce around 6 a.m. India time, which then soared to $1,338 per
ounce between 11-11.30 a.m.
In India, gold price was hovering around
Rs 30,370 per 10 grams.
"Gold is well positioned as a
portfolio diversifier in an era of uncertainty. The demand for gold looks
positive," Somasundaram P.R., Managing Director India, World Gold Council
told IANS.The Total Investment &
Insurance Solutions
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