In a Tuesday note, Bill Weatherburn, senior climate and commodities economist at Capital Economics, said the outcome of the election won’t have a sizeable impact on most commodities over the next few months. However, differences in views between Trump and Democrat Kamala Harris on vehicles emissions, liquified-natural-gas exports and foreign policy on Iran could affect oil and natural-gas prices over the next five years.
Gold, meanwhile, has climbed in October alongside the rising probability of a Trump victory, said Weatherburn. “A Trump presidency would be more inflationary than a Harris one, and it would probably be more uncertain too — both of which make gold an attractive asset,” he wrote.