Impact of the US elections on silver demand
The close race between former President Donald Trump and Democratic candidate Kamala Harris is adding to market caution. A recent Reuters/Ipsos poll shows Trump trailing Harris by just 2%, with support levels of 44% and 46% respectively.
Shifts in voter sentiment, especially as Trump wins among Hispanic men and Harris shows greater appeal among white women, underscore the unpredictability of the race.
This uncertainty could drive demand for silver as a hedge, with investors turning to safe-haven assets to manage potential market swings.
Geopolitical tensions and economic stimulus drive the appeal of safe havens
Geopolitical developments in the Middle East are also weighing on investor sentiment. Israel’s military chief recently warned of a strong response if rocket attacks from Iran continue.
However, Lebanese Prime Minister Najib Mikati offered a glimmer of hope, hinting at the possibility of a ceasefire before the US elections, following talks with US envoy Amos Hochstein.
Meanwhile, attention also turns to the upcoming Chinese parliamentary session from November 4 to 8. Reports suggest that China could announce a substantial stimulus package, possibly more than 10 trillion yuan, aimed at stabilizing its economy.