Gold edges up on uncertainty over US mid-term elections
SPDR holdings fell slightly on Monday, with some analysts saying if Republicans keep both US houses, it could be negative for gold
Bengaluru — Gold edged up on Tuesday as investors sought shelter from uncertainty over the outcome of the US mid-term elections. Spot gold rose 0.3% to $1,234.90 an ounce as of 10.37am GMT, while US gold futures were up 0.3% at $1,236.50. “One scenario [from the elections] is that both houses are retained by the Republicans, and this could be negative for gold,” said Hussein Sayed, chief market strategist at FXTM. “The opposite scenario could send equity markets much lower, boosting gold. Such uncertainty is keeping gold steady at the moment.” Opinion polls and election forecasters favour Democrats to secure the minimum 23 seats they need to capture a majority in the US house of representatives, which would enable them to stymie US President Donald Trump’s legislative agenda and investigate his administration. European shares ticked lower and the dollar and bond markets barely budged on Tuesday, as traders braced for the elections and some potentially lively sessions ahead. “Gold is...
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