Gold Lower Ahead of U.S. Presidential Vote Results

Gold prices edged down as the dollar and global equity markets strengthened while investors await the results of the contentious U.S. presidential election. Gold for December delivery was down 0.3 percent at $1,275.90 per troy ounce on the Comex division of the New York Mercantile Exchange.

Investors are broadly expecting a victory for Mrs. Clinton and also indicated that a market shock is expected if Donald Trump becomes president. Spot gold declined 0.3 percent to $1,277.16 per ounce. Analysts claim that a victory for Trump would produce more uncertainty in the market and could raise the appeal of gold as a hedge against risk. David Govett, the head of precious metals at Marex Spectron says that a Clinton victory means that gold may decline around $30 to the $1,250 per troy ounce area. However, if Trump wins it could prompt a raise in prices of nearly $100 per troy ounce.

In other precious metals, Silver climbed 0.8 percent to $18.35 per ounce. Platinum rose 0.1 percent at $1,001.75 and palladium was up 1.8 percent to $663.50.

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