Gold price slips below $1,300/oz as dollar recoups losses

Gold dipped back below $1,300 during London morning trading on Thursday November 3 after climbing above that pivot level during Asian trading hours.

The spot gold price was recently quoted at $1,293.55/1,293.85 per oz, down $4.50 on Wednesday’s close. Trade has ranged from $1,292.00 to $1,306.60 so far.

The yellow metal had risen during Asian trading hours when the US dollar index fell to a three-week low of 97.04. The index has since recouped some of the losses – it was recently at 97.27, down 0.14%.

“As we lead into next week’s [US presidential] election, expect the greenback to continue to trade under pressure and provide support to the precious complex,” MKS Group said in a note. Initial support for gold is around $1,280 per oz and resistance is at $1,310, the broker added.

Investors are nervous ahead of the vote on November 8, particularly after recent polls showed Donald Trump gaining ground on Hillary Clinton.

In the other precious metals, the spot silver price fell $0.352 to $18.165/18.190 per oz. Platinum at $983/988 per oz was down $4 while palladium rose $2 to $626/632 per oz.

(Editing by Mark Shaw)

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