Mumbai, 05 Nov (Commoditiescontrol): Gold prices were little changed on Tuesday as investors exercised caution ahead of the U.S. presidential election and an upcoming Federal Reserve policy meeting later in the week.
Spot gold remained flat at $2,734.71 per ounce, just below its record high of $2,790.15 from last Thursday. U.S. gold futures dipped slightly, down 0.1% to $2,743.40.
The tight U.S. presidential race, with Democratic candidate Kamala Harris and Republican candidate Donald Trump nearly tied in opinion polls, has added to market tension. Both candidates projected confidence as they campaigned through Pennsylvania on Monday, with the election outcome expected to remain uncertain possibly for days after voting concludes.
Adding to market anxieties, traders are also eyeing the Federal Reserve's anticipated rate decision, with the CME FedWatch tool indicating a near-certain expectation of a 25-basis-point cut. A reduced interest rate could benefit gold, which is often viewed as a safe-haven asset during periods of economic or geopolitical instability.
On the geopolitical front, Israel has ended its cooperation with the UN Palestinian relief agency, impacting diplomatic protocols in Israel, the West Bank, and Gaza. Meanwhile, Brazilian authorities are preparing to clear illegal gold mining operations from an Indigenous reservation in the Amazon, aiming to address environmental concerns tied to mercury contamination.
Other precious metals also faced slight declines: spot silver dropped 0.3% to $32.36 per ounce, platinum decreased 0.3% to $980.81, and palladium slipped 0.3% to $1,071.14.
Gold's stability reflects a broader investor wait-and-see approach as crucial events this week may shape the near-term outlook.
(By Commoditiescontrol Bureau: 09820130172)
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