Gold rebounds in jittery trade with Trump, Clinton in tight race

Gold rebounds in jittery trade with Trump, Clinton in tight race

Darren Sullivan
November 9, 2016

December gold settled at $1,279.40 an ounce, down $25.10, or 1.9%, the biggest one-day loss in a month. USA gold futures were up 0.4 percent at $1,284.90 an ounce.

November 8 marks one of the most-anticipated events of 2016: the USA presidential election. The metal hit a low of $1,287.86 earlier in the session.

Prices of the yellow metal sank to a one-week low of $1,278.60 on Monday as demand for safe-haven assets ebbed after the Federal Bureau of Investigation said that no charges were warranted in the case of Democrat Hillary Clinton's use of a private email server, lifting a cloud over her presidential campaign. Results will be declared state by state.

According to the final Reuters/Ipsos States of the Nation project, Democrat Hillary Clinton has about a 90% chance of defeating Republican Donald Trump in the race for the White House.

Odds for a Clinton win grew after FBI Director James Comey informed Congress over the weekend that it had "not changed its conclusions" on the private e-mail server maintained by Clinton. "Clinton victory is more likely".

Gold rebounds in jittery trade with Trump, Clinton in tight race

As polls last week showed a dwindling lead for Clinton, hedge funds piled into the perceived safety of bullion, increasing wagers that the metal would rally, USA government data showed on Friday. Meanwhile, there is a bigger uncertainty over what a Trump victory might mean for United States foreign policy, global trade deals and the domestic economy.

While gold prices are sliding, stocks, oil, and the dollar are seeing a nice boost today.

Dollar slips, European shares rise ahead of US vote * WGC shows Q3 gold surplus at 166.3 tonnes * Platinum hits over one month-high (Changes throughout, adds LONDON dateline) By Clara Denina LONDON, Nov 8 (Reuters) - Gold edged higher on Tuesday as the dollar dropped and investors remained cautious ahead of the outcome of the USA presidential elections. This was also the beginning of a breakout in the Bollinger bands, driving the price for gold volatile.

The day after the election the Canadian dollar, according to JPM: 70.4 cents after a Trump victory and 76.9 cents if Clinton wins. A Reuters/Ipsos States of the Nation poll gave her a 90 per cent chance of defeating Mr Trump and becoming the first woman elected U.S. president. In turn, the dollar was boosted, although the general tension of the USA presidential election is still pressuring the financial markets.

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