Gold futures are trading lower on Wednesday as an upward shift by the U.S. Dollar during the U.S. presidential election tally drove down demand for the dollar-denominated asset.
Despite the current weakness and two-sided trade, the election is too tight to call so let’s just say the market will be vulnerable to violent direction shifts throughout the session since it may take as much as a week to declare the winner if either candidate doesn’t send it to the Supreme Court.
At 11:31 GMT, December Comex gold futures are trading $1892.20, down $18.20 or -0.95%. This is down from an earlier high of $1917.90.
Besides the presidential election, traders are also expressing concerns about the U.S. House and Senate voting outcomes and their potential effect on further stimulus measures. The Democrats appear to have held onto control of the House, while Republicans appear to be in a position to continue to control […]
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