US President Joe Biden announced his withdrawal from the next presidential election, and the US election has added more variables, which also brought volatility to various assets. The dollar weakened and gold and crude oil rose.
Biden announced Sunday afternoon (July 21) that he was withdrawing from the race, and endorsed his vice presidential partner Harris to take over.
The dollar weakened slightly on Monday morning, with the dollar index, which measures the greenback against a basket of major currencies, down 0.05% at 104.35.
Gold, a safe-haven asset, rose 0.13 percent to $2,403.97 an ounce, while futures rose 0.4 percent to $2,408.7.
Harris, a former California attorney general, has taken a tougher line on oil companies than Biden. While Harris is unlikely to make major changes on climate change, she opposes offshore drilling and extraction and is expected to be an aggressive opponent of the oil industry if she wins the Democratic nomination and the presidential election in November.
The possible ceasefire between Israel and Hamas has caused international oil prices to fall, but the uncertainty of the U.S. presidential election has brought uncertainty to the market. Brent crude was up 0.24% Monday morning at $82.83 a barrel.
On June 30th, Raphael Bostic, the president of the Atlanta Federal Reserve Bank, stated that tariffs might have a gradual impact on prices rather than a one-time shock, which could lead to more persistent upward pressure on inflation.
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