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Gold Futures Settle Lower

Tue, 6th Nov 2018 20:45


WASHINGTON (Alliance News) - Gold prices retreated after early gains and settled near one week low on Tuesday, as traders looked ahead to the outcome of US midterm elections.

The yellow metal strengthened a bit earlier in the session after the greenback gave up some early gains, but faltered as the day progressed.

Gold futures for December ended down USD6.00, or 0.5%, at USD1,226.30 an ounce

Silver futures for December ended down $$0.147, at USD14.500 an ounce. Copper futures settled lower by USD0.0235, at USD2.7325 per pound.

The elections will decide control of both the House and the Senate and could have a major impact on President Donald Trump's ability to enact his pro-business agenda.The elections will decide control of both the House and the Senate and could have a major impact on President Donald Trump's ability to enact his pro-business agenda.

It is expected that the Democrats would take control of the House of Representatives while Republicans are likely to win the Senate.

Analysts are of the view that the yellow metal may lose some shine if Republicans win the elections as their business friendly policies will help corporates and result in rallies in stock markets.

In the event of the Democrats regaining control of the House of Representatives, Trump will have to face stiff challenges in going ahead with his policies. In that scenario, investors may rush to the safe haven of the yellow metal.

The US Federal Reserve is scheduled to announce its monetary policy on Thursday. Though the Fed is expected to hold rates this month, markets are looking ahead to the accompanying statement that will provide some clues about future rate hikes.

Copyright RTT News/dpa-AFX

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