Mumbai, 06 Nov (Commoditiescontrol): Gold prices held steady on Wednesday as investors awaited clarity on the U.S. presidential election results and looked ahead to the Federal Reserve’s upcoming meeting.
Spot gold dipped slightly by 0.2% to $2,738.89 per ounce, while U.S. gold futures edged down 0.1% to $2,747.80. This follows last week’s record peak of $2,790.15.
The U.S. election, which took place on Tuesday, is set to be a close contest, with results possibly delayed due to tight races in key states. Early results reported by Edison Research showed Donald Trump securing Indiana, Kentucky, and West Virginia, while Kamala Harris won Vermont.
In the meantime, traders are also focused on the Federal Reserve's two-day meeting, concluding on Thursday. Market analysts anticipate a 25-basis-point rate cut, with CME's FedWatch tool indicating a 96% probability of this outcome. Lower interest rates generally support gold prices, as bullion is viewed as a safeguard against economic and geopolitical uncertainties.
In related economic news, the U.S. trade deficit widened significantly in September, as businesses imported heavily to meet strong domestic demand and prepare for potential tariff increases.
In other metals, spot silver slipped by 0.6% to $32.47 per ounce, platinum declined 0.7% to $992.92, and palladium dropped 1.6% to $1,058.24.
(By Commoditiescontrol Bureau: 09820130172)
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