Bengaluru — Gold held a narrow $5 range on Monday as investors were cautious ahead of the US midterm elections, which will determine whether the Republican or Democratic party controls Congress. Spot gold was little changed at $1,232.00/oz, by 10.05am GMT, while US gold futures were flat at $1,233.2/oz. “The market is adopting a wait-and-see approach,” said Saxo Bank analyst Ole Hansen. “We are just a day away from the US midterm election, the outcome of which could have an impact both on currencies and several asset classes, so we’re holding relatively stable.” Opinion polls show strong chances that the Democratic Party may win control of the House of Representatives in the November 6 elections after two years of wielding no practical political power in Washington, with Republicans likely to keep the Senate. The dollar index was down 0.1% after three consecutive weeks of gains as investors took profits before the elections that may fuel a new bout of volatility for global markets. ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.