Gold Holds Steady Amidst Election Uncertainty

4 Nov 2024 , 10:20 AM

As investors braced for a pivotal week for the world economy ahead of the U.S. presidential election and the possibility of another rate decrease by the Federal Reserve, gold remained stable on Monday.

Spot gold increased by 0.1% to $2,738.32 an ounce. On Thursday, the price of gold reached a record high of $2,790.15.

At $2,747.80, U.S. gold futures remained unchanged.

Opinion polls are too close to declare a winner between Republican Donald Trump and Democratic candidate Kamala Harris in Tuesday’s U.S. presidential election.

Close to a near 2-week low reached in the previous session, the dollar index opened the day down 0.5%. Other currency holders find gold more attractive when the dollar declines.

The Fed’s interest rate decision and Chair Jerome Powell’s comments on Thursday are also of interest to the market.

Traders currently predict a 98% chance of a quarter-point rate drop this year, according to the CME FedWatch tool.

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