The US political uncertainty kept the USD bulls on the defensive and assisted gold to gain traction.
The uptick lacked any strong follow-through buying and runs the risk of fizzling out rather quickly.
Investors now look forward to the release of the Advance US Q3 GDP report for a fresh impetus.
Gold edged higher through the early European session and was last seen hovering near the top end of its daily range, just above the $1880.The precious metal managed to regain some positive traction on Thursday and recovered a part of the previous day’s sharp fall to one-month lows amid a subdued US dollar demand. The uncertainty over the outcome of the US presidential election held the USD bulls from placing aggressive bids, which, in turn, was seen as a key factor lending some support to the dollar-denominated commodity.It is worth reporting that national polls have […]
October 29, 2020 Published by StockMan