Investor anxiety over the election after the renewal of an Federal Bureau of Investigation probe into Democratic candidate Hillary Clinton's emails knocked European stocks to near four-month lows and sent the dollar to its weakest since October 11 on Wednesday.
(Kitco News) - After trading at highs for most of the session, gold is holding onto its gains with prices above $1,300 an ounce as the Federal Reserve leaves the door open for a rate hike in December. The metal hit its highest since October 4 on Friday after the FBI's announcement shook up markets that had priced in a Clinton victory over Republican Donald Trump, prompting losses in stocks and the dollar.
Spot gold was up 0.6 percent at $1,295.98 an ounce at 1030 GMT, while USA gold futures for December delivery were up $9.20 an ounce at $1,297.20.
The U.S. Federal Reserve kept interest rates unchanged as expected overnight, and with uncertainty surrounding the U.S. election, the gold bugs lifted positions.
"Overall, barring a material weakening of the economic outlook or significant volatility in financial markets, we continue to see the FOMC raising interest rates at its December meeting", he said.
Asian shares stumbled and the US dollar was on the defensive on Wednesday as signs that Republican US presidential candidate Donald Trump could be closing the gap with his Democratic rival Hillary Clinton spooked investors.
Shifts in the partisan affiliation of the Presidency have historically had a positive impact on bullion, while it tends to perform poorly when there is no change in administration, the analyst notes, after observing gold-price swings that followed the 22 presidential elections since 1928.
Pakistan SC issues notice to Nawaz Sharif, others in corruption case
Addressing a press conference outside Bani Gala, Khan thanked those who were part of his struggle against corruption. In Punjab, which is commanded by Sharif's ruling PML-N, a huge selection of PTI workers have already been detained.
"Gold was stronger on the back of safe-haven buying as opinion polls on the USA election continued to show Trump gaining", Australia & New Zealand Banking Group Ltd. said in a note.
Asia shares eased on Thursday while the US dollar stayed on the defensive as a tightening USA presidential race saw the S&P 500 suffer its longest losing streak in five years as investors fled to safer harbours.
The dollar index, which measures the greenback against a basket of major currencies, inched lower by about 0.1 percent at 98.332. While the market doesn't expect policy makers to increase rates after their meeting Wednesday, the odds of a move by year-end climbed to 70 percent from 59 percent a month ago.
Spot gold may end its bounce around a resistance at $1,293 per ounce, as suggested by its wave pattern and a Fibonacci ratio analysis, according to Reuters technical analyst Wang Tao.
Among other precious metals, silver was up 1.4 percent at $18.58 an ounce, after reaching $18.74, its highest since October 4.
Platinum rose 0.56 percent to $982.00 per ounce and palladium gained 0.77 percent, to $623.25.