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Gold Futures Settle Higher As Dollar Slips On Election Results

Wed, 7th Nov 2018 19:24


WASHINGTON (Alliance News) - After rising sharply early on in the session, gold prices retreated and gave up a significant portion of their gains, but still managed to close on a firm note on Wednesday as the dollar stayed weak against major currencies.

The US midterm election results saw the Democrats winning control of the House of Representatives and the Republicans tightening their hold on the Senate. The split verdict is certain to put brakes on President Donald Trump's plans for another round of tax cuts and hit the passage of infrastructure spending.

Reacting to midterm election results, the dollar weakened against most major currencies, and this prompted traders to rush to the safe haven of the yellow metal.

The dollar index eased to a low of 95.48 before recovering some lost ground and edging up to around 95.85, still down by more than 0.25%.

Gold futures for December rose to USD1,237.40 an ounce before settling for the session at USD1,228.70, gaining USD2.40, or 0.2%.

On Tuesday, gold futures ended down USD6.00, or 0.5%, at USD1,226.30 an ounce.

Silver futures for December ended up USD0.069, at USD14.569 an ounce, while Copper futures for December closed at USD2.7545 per pound, gaining USD0.0220 for the session.

With the election results having come in line with expectations, the focus is now on the US Federal Reserve's monetary policy meeting that got underway today. The Fed is scheduled to announce its policy on Thursday. The central bank is widely expected to hold rates and markets are looking ahead to the accompanying statement for its views on inflation and the economy, besides clues about future rate hikes.

Copyright RTT News/dpa-AFX

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