Gold price inches towards $1,300/oz on US election jitters

Gold moved closer to $1,300 per oz on Wednesday November 2 during London morning trading – market jitters ahead of US presidential elections next week boosted demand.

The spot gold price was recently quoted at $1,297.10/1,297.50 per oz, up $9 on Tuesday’s close. Trade has ranged from $1,287.30 to $1,297.40 so far.

“Uncertainty leading into the US presidential election is likely to see gold further supported leading into [the US presidential elections on] November 8,” MKS Group said on Wednesday. 

“Heading toward next week’s vote we expect to see the 200-DMA around $1,276 support the metal, while initial resistance is at the 50-DMA of $1,299 and beyond this the 100-DMA at $1,315,” the broker said.

The US dollar index slipped further during Asian trading hours. It was recently at 97.51, down 0.25% on its previous close – investors are nervous at the prospect of Donald Trump becoming the next US president after a Washington Post/ABC poll showed Trump with a one-point lead over Hillary Clinton. 

Market participants will focus on the outcome of the US Federal Open Market Committee (FOMC) meeting and its statement later today although most do not expect it to announce a rate change.

In the other precious metals, the spot silver price rose 18.8 cents to $18.53/18.575 per oz. Platinum at $990/996 per oz was up $4 and palladium climbed $4 to $628/636 per oz.

(Editing by Mark Shaw)

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