Investing.com – Gold prices were little changed on Monday as traders braced for the U.S. mid-term elections and the Federal Reserve’s November meeting due later this week.
At 9:18 AM ET (14:18 GMT), for December delivery on the Comex division of the New York Mercantile Exchange slipped 30 cents, or 0.02%, to $1,230.70 a troy ounce.
Voters on Tuesday will decide , with market participants cautious as the results could influence U.S. President Donald Trump’s ability to pass additional tax and trade reforms.
Expectations point to the likelihood that Democrats could win control of the House of Representatives, although Republicans are widely expected to reinforce their hold in the Senate.
The Fed will begin its two day meeting on Wednesday after last week’s solid monthly employment report showed that at the fastest pace in more than nine years.
The data with plans to continue with gradual increases in interest rates.
Interest rate increases and higher U.S. bond yields are usually bearish for gold, which offers no yield.
In other metals trading, fell 0.72% at $14.650 a troy ounce by 9:19 AM ET (14:19 GMT).
advanced 0.72% to $1,112.50 an ounce, while sister metal lost 0.73% at $869.30.
In base metals, traded down 1.43% to $2.763 a pound.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Source: Investing.com
