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SAN FRANCISCO (MarketWatch) — President Barack Obama’s re-election has given gold investors even more to think about.
Gold futures (US:GCZ2) fell $1 on Wednesday in the wake of the U.S. presidential election. See Wednesday’s story: Gold market mulls dollar, debt woes, Obama.
On Thursday, they bounced back, climbing $12 to settle at $1,726 an ounce but that’s not quite the Obama win-induced rally the market was expecting. Prices are still stuck in the $120 or so trading range they’ve been in since late August.
“The dust is still settling after the U.S. election,” said Ben Traynor, chief economist at BullionVault, a physical gold and silver market for private investors online. “Despite all the hoopla surrounding the election, nothing of substance has changed.”