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Gold falls ahead of U.S. presidential election

Xinhua, November 9, 2016 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange dropped on Tuesday, as investors largely waited on the sidelines ahead of the results of a contentious U.S. presidential election.

The most active gold contract for December delivery fell 4.9 U.S. dollars, or 0.38 percent, to settle at 1,274.50 dollars per ounce.

The metal dropped nearly 2 percent in its previous session after the Federal Bureau of Investigation (FBI) said no criminal charges were warranted against Democratic candidate Hillary Clinton for using a private email server.

Investors were largely expecting a victory for Clinton, and noted that a market shock -- similar to the gains the day after the U.K. voted to leave the European Union (EU) -- was expected if Republican nominee Donald Trump takes the White House.

In the day following the British vote to leave the EU, gold prices rallied more than 6 percent as investors bought up so-called safe haven assets, including the dollar and the yen.

Markets also remained cautious of the implications of the U.S. election outcome on an anticipated interest rate hike by the Federal Reserve next month.

The double uncertainty over the election and the possible U.S. interest rate hike have boosted demand for gold and silver in the United States, dealers said.

Silver for December delivery rose 20.5 cents, or 1.13 percent, to close at 18.356 dollars per ounce. Platinum for January delivery added 7.2 dollars, or 0.72 percent, to close at 1,001.40 dollars per ounce. Endit