Spot gold edged up in a volatile session of U.S. trading on Tuesday. Gold came under heavy pressure after the latest strong data on the day, falling sharply from a two-week high, but gains resumed as the dollar weakened. U.S. construction spending rose 1 percent in July, the highest monthly rate since January, data showed. The ISM manufacturing PMI for the US rose to 56 in August, its highest level since January 2019.
President Donald Trump said in an interview with Laura Ingraham on Fox News Monday night that unknown people were in a “dark shadow” controlling Democratic presidential candidate Joe Biden.
Referring to the anarchists and thugs he described terrorizing American cities, Mr Trump said the former vice-president was being manipulated by “people you’ve never heard of, people in the dark shadows”.
Graham asked Trump to elaborate. “It sounds like a conspiracy theory,” she said.
“There are people on the street, and there are people who control the street,” Mr Trump noted.
Mr. Trump then went on to describe the plotters he described, but did not provide details that would corroborate his claims.
“This weekend, someone got on a plane from some city. On the plane, it was almost all thugs in black uniforms, black uniforms, equipment and so on.”
“There were about seven people on the plane like this man, and then a lot of people on the plane did a lot of damage,” Mr Trump said.
Asked where the incident took place, Mr Trump declined to say where, saying it was “under investigation”. Mr Trump, who is running for re-election on a law and order platform, is trailing Mr Biden in national polls.
He also did not say which government agencies were investigating, or what “equipment” the men were carrying or how they boarded a plane bound for a U.S. city.
Graham asked him for more details. Trump, who said the matter was under investigation, replied: “I’ll tell you later.”
Representatives of the Federal Aviation Administration referred questions to the White House, which did not immediately respond to requests for comment. There was no immediate response from the Department of Homeland Security.
It is not clear if the alleged incident occurred on a commercial or other flight, or if anyone has been arrested or charged.
Symone Sanders, a senior adviser to Mr. Biden’s campaign, dismissed Mr. Trump’s allegations on Tuesday, telling MSNBC that she did not know what the President was referring to.
“I can only blame it on The fact that President Trump has no plan, he has no re-election strategy, he’s just making it up. He was struggling, “she said.
Mr. Trump also offered some theories on Monday about the unrest in some American cities, claiming that “Portland has been burning for years, for decades,” and repeatedly claiming that the protesters there wanted to kill Mayor Ted Wheeler.
Mr Trump’s comments follow his increasingly dire warnings about a possible Biden administration in the final months before the election.
Trump has repeatedly accused Biden and Democrats of rioting and looting during nationwide protests over police brutality and racial injustice this summer.
In his acceptance speech at the Republican National Convention last week, Mr Trump said that “no one is safe under Joe Biden.”
The November elections, he said, “will determine whether we defend the American way of life or allow a radical movement to completely destroy it.”
Last month, Trump called Biden “anti-Bible” and said he would “hurt God” if elected.
On Monday, Mr Biden delivered his strongest condemnation yet of Mr Trump’s attempts to cast him as a “puppet” of the “radical left” Democrats and plunge the US into lawlessness.
“He kept telling us that if he was President, you would feel safe. Whether he knows it or not, he’s the President.” Biden said in a speech in Pittsburgh. “Does anyone think there will be less violence in the United States if Donald Trump is re-elected?”
Gold Swings higher
Gold prices swung higher on Tuesday as a weaker dollar offset some of the pressure from stronger-than-expected U.S. manufacturing data. U.S. manufacturing data sent gold back from a two-week high.
Spot gold hit its highest level since August 19 at $1992.32 an ounce before briefly falling more than $26 to $1965.93 before recovering from its lows.
“The main reason for gold’s current rise is the weaker dollar. But the better-than-expected ISM data took some of the shine off gold today, “said Bob Haberkorn, senior market strategist at RJO Futures in Chicago.
The dollar’s near two-year lows have made gold cheaper for holders of other currencies.
U.S. construction spending rose 1 percent in July, the highest monthly rate since January, data showed. The ISM manufacturing PMI for the US rose to 56 in August, its highest level since January 2019.
“[Better data] will not necessarily change the Fed’s outlook. The trend [in gold] is still higher, “Haberkorn added.
The Fed last week announced an average inflation target policy that will allow interest rates to remain low even if inflation rises slightly in the future.
Daniel Ghali, commodity strategist at TD Securities in New York, said gold should find support in an environment of stronger inflation expectations and a weaker dollar. Inflation expectations are depressing real interest rates.
Gold is seen as a hedge against inflation and currency depreciation, while lower interest rates reduce the opportunity cost of holding non-yielding bullion.