In a surprising move, US President Joe Biden has announced that he will withdraw from the 2024 presidential election. Biden has endorsed Vice President Kamala Harris as the Democratic Party’s candidate for the presidency. This decision has added a layer of uncertainty to the upcoming election and has influenced market reactions.
The announcement has led to a surge in gold’s appeal as a safe haven investment. Gold futures for August delivery have increased by $12.60, or 0.53%, reaching $2,411.70 per ounce.
In financial markets, the US dollar faced pressure during the Asian trading session. The USD Index declined by 0.14%, settling at 104.20. Meanwhile, US stock futures showed positive movement. The Dow Jones Industrial Average futures rose by 81 points to 40,643, while the S&P 500 and Nasdaq futures climbed by 17.5 points and 98.75 points, respectively.
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