Gold Loses Ground on Strong Beliefs in a Clinton Victory
Nov, 08th 13:59
Gold edged lower on Tuesday, after suffering their sharpest one-day percentage loss in about five weeks, as markets were cautiously positioning themselves for a win by Hillary Clinton at the U.S. presidential elections.
The precious metal had dropped nearly 2 percent in Monday’s session in the wake of weekend news that the Federal Bureau of Investigation (FBI) won’t bring charges against the Democratic candidate Clinton for using a private email server.
A win for Clinton is expected to trigger less volatility on the financial market and pave the way for the Federal Reserve to raise rates in December. Gold is highly sensitive to the U.S rates as higher rates mean higher opportunity costs of holding gold as the metal provides no yield.
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