The spot gold price extended its losses during Asian trading hours into the London morning trading session on Monday October 31 while the dollar continues to strengthen.
The spot gold price was recently quoted at $1,274.25/1,274.70 per oz, down $9.45 on the previous close. Trade has ranged from $1,272.45 to $1,279.60 so far.
After falling to a one-week low of 98.24 last Friday, the dollar index has since recovered to 98.51 on Monday, up 0.2% from its previous close. This has “generally kept the precious in check”, MKS Group said in a Monday note.
While the broker sees initial support at $1,265 per oz, it warned that there may be “a few more surprises” leading into the US presidential election vote on November 8, with volatility skewed to the upside.
In the other precious metals, the spot silver price was rose 8.5 cents to $17.82/17.84 per oz. Platinum at $978/984 per oz was up $3 and palladium climbed $0.50 to $615/622 per oz.
(Editing by Mark Shaw)
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