Gold Prices Hold Steady, Track Dollar As US Election Caution Kicks In

The World Gold Council expects gold demand to improve into year-end in India Gold steadied in a tight range on Thursday after falling 2 per cent the previous day as caution crept in ahead of the US elections, with bullion also contending with the dollar as a refuge for investors hedging risks from mounting COVID-19 cases.

Spot gold was flat at $1,877.01 per ounce by 1028 GMT (3.58 pm in India). US gold futures slipped 0.1 per cent to $1,877.60.

"No one really wants to take any aggressive positions ahead of the election," said StoneX analyst Rhona O’Connell.

"Prior to that, there’s the stimulus talk, and obviously we’ve got the pandemic running in the background, but it’s all been centred on Washington over the last three, four weeks or so, and I very much doubt you’d get any volatility until after the election."Ahead of the November 3 election, Democratic challenger Joe Biden […]

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