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Gold Prices Inches Lower, Dollar Gains Ahead of U.S. Midterm Elections

Gold Prices Inches Lower, Dollar Gains Ahead of U.S. Midterm Elections© Reuters. Gold prices inched lower while the dollar traded slightly higher

Investing.com – Gold prices inched lower while the dollar traded slightly higher on Friday ahead of the U.S. midterm elections due later in the day, as analysts expected a Republican victory would boost the dollar but hurt commodities.

for December delivery on the Comex division of the New York Mercantile Exchange slipped 0.1% at $1,231.7 a troy ounce by 1:02 AM ET (05:02 GMT).

Meanwhile, the that tracks the greenback against a basket of other currencies was up 0.1% at 96.19.

“Markets are increasingly pricing in the possibility of a victory for the Republicans – even in the House,” said Masafumi Yamamoto, chief currency strategist at Mizuho Securities.

A Republican victory in both chambers was likely to boost the U.S. dollar, Yamamoto added.

Analysts said Trump would be able to push for more aggressive fiscal and trade policies if Republicans secure a majority in both chambers, although reports said the room for a further fiscal adjustment might be limited as the fiscal deficit has already ballooned significantly.

Elsewhere, oil prices dipped to near multi-month lows after the U.S. granted eight countries temporary waivers that allowed them to continue purchasing oil from Iran.

Washington formally imposed punitive sanctions on Iran earlier this week.

Chinese President Xi Jinping said at the International Import Expo on Monday that he supports globalisation, but did not announce any detailed measures that would suggest he was going to meet U.S. President’s trade demands, including halting forced technology transfers and over-supporting state-owned firms.

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Source: Investing.com

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