Gold price holds steady ahead of US presidential election

Gold was steady on the morning of Tuesday, November 8 in London while investors await the results of the closely contested US presidential election.

The spot gold price was recently quoted at $1,284.60/1,284.90 per oz, up $2.30 on Monday’s close. Trade has ranged from $1,280.65 to $1,285.23 so far.

Yesterday, sentiment shifted towards risk-on after the FBI reported that it was maintaining its original decision not to bring any charges against Hillary Clinton over her use of a private email server, which knocked gold lower.

“Should Hillary Clinton pull away from Trump, expectations are that $1,250 should be supportive for the yellow metal, even more so considering Monday’s weakness having already removed some of the fast money from the market,” MKS said. “Conversely, should Trump outpace Clinton we expect to see the post-Brexit high of $1,375 directly in the firing line.”

In the other precious metals, the spot silver price was unchanged at $18.300/18.340 per oz. Platinum at $1,005/1,010 per oz was up $9.50 and palladium climbed $4 to $649/657 per oz. 

(Editing by Mark Shaw)

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