Bengaluru — Gold prices held steady on Monday as investors were cautious ahead of the US congressional elections due on Tuesday that will determine whether the Republican or Democratic Party controls Congress. Spot gold was steady at $1,232.08/oz, as of 4.15am GMT, while US gold futures were flat at $1,233.40/oz. “Traders don’t want to extend any risk because of the growing uncertainty around the elections,” said Stephen Innes, Asia-Pacific trading head at Oanda in Singapore. Opinion polls show strong chances that the Democratic Party may win control of the House of Representatives in the November 6 midterm elections after two years of wielding no practical political power in Washington, with Republicans likely to keep the Senate. “We are seeing increasing weariness that the US dollar could run out of steam, which naturally plays into gold.… If we get a little bit of escalation of US political risk that plays even more favourably into gold,” Innes said. Meanwhile, the dollar lost gr...
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