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- Gold moderately higher
Gold moderately higher
Gold has risen in price moderately after the biggest drop recorded in the last week of November 2015. Support for precious metal had increased demand for safe-haven assets due to the uncertainty regarding the upcoming elections in the United States.
Analysts say that the candidate of the Republican Party, Trump, at debate on Sunday was better than expected. However, according to preliminary surveys, the probability of Clinton's victory increased markedly. Heigh probability of Clinton's victory stabilizes markets, and on the other hand, when there is the probable victory of Trump's there is much more uncertainty about the future of American foreign policy, trade, economics, and even the Fed.
In addition, the Commodity Futures Trading Commission said that last week hedge funds and money managers cut their net long positions in gold to a four-month low. However, the gold reserves of the largest investment fund SPDR Gold Trust rose on Friday to 11.3 tonnes, recording the highest daily gain since early July.
The cost of the October futures for gold on the COMEX fell to $ 1260.1 per ounce.
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