Gold Prices Dip Ahead of Key US Events

5 Nov 2024 , 10:14 AM

As investors avoided establishing large holdings ahead of the U.S. presidential election and the Federal Reserve policy meeting later this week, gold traded in a limited range on Tuesday.

Spot gold had dropped 0.1% to $2,733.39 an ounce. Last week, the price of bullion reached a record high of $2,790.15.

At $2,742.40, U.S. gold futures saw a 0.1% decline.

Opinion surveys show that Democratic candidate Kamala Harris and Republican contender Donald Trump are almost tied, making the result of the U.S. presidential election unclear and possibly unverified until days after the polls close.

The Fed’s interest rate decision, which is coming this Thursday, as well as comments from Chair Jerome Powell and other officials, will also be of interest to the market.

This week’s quarter-point cut would be the second U.S. rate cut of the year, according to the CME FedWatch tool, opens new tab.

The Standing Committee of the National People’s Congress is gathering in China, a significant consumer of metals, from November 4–8, and the market is widely expecting more fiscal stimulus measures to be approved.

Palladium increased by 0.2% to $1,076.50, platinum decreased by 0.1% to $982.50, and spot silver was stable at $32.46 an ounce.

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