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Gold futures inch higher as U.S. election kicks off

CommoditiesNov 08, 2016 07:58
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Gold pushes higher as U.S. election kicks off - Gold prices inched higher during European hours on Tuesday, as financial markets awaited the outcome of the U.S. presidential election, with most investors betting on a win by Democrat Hillary Clinton.

Gold for December delivery on the Comex division of the New York Mercantile Exchange tacked on $5.45, or 0.43%, to $1,284.95 a troy ounce by 2:50AM ET (07:50GMT), after plunging $25.10, or 1.92%, in the prior 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 FBI 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.

The highly-anticipated U.S. Presidential Election will be held on Tuesday. The Congressional Elections for the Senate and the House of Representatives will also be held on the same day.

The first exit polls, which are a projection, are expected to come out on Tuesday night at around 7:00PM ET (00:00 GMT on Wednesday). Results will be declared state by state.

If the outcome is clear, the television networks are expected to make their official call at 11:00PM ET (04:00 GMT Wednesday).

Global financial markets were rattled last week by signs the U.S. presidential election race between Democrat candidate Hillary Clinton and Republican nominee Donald Trump was tightening.

However, hopes for a Clinton win mounted after FBI Director James Comey informed Congress over the weekend that it had "not changed its conclusions" on the private email server maintained by the Democratic candidate

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.

Market players have tended to see Clinton as the candidate of the status quo, while there is greater uncertainty over what a Trump victory might mean for U.S. foreign policy, international trade deals and the domestic economy.

Also on the Comex, silver futures for December delivery rose 14.2 cents, or 0.78%, to $18.29 a troy ounce during morning hours in London, while copper futures dipped 0.8 cents, or 0.37%, to $2.301 a pound.

Data released earlier showed China's exports and imports fell more than expected in October, adding to doubts about how long that country's recent pick-up in economic activity can be sustained.

The Asian nation is the world’s largest copper consumer, accounting for almost 45% of world consumption last year.

Gold futures inch higher as U.S. election kicks off

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