Gold prices rose as investors await the outcome of the U.S. elections.
n other precious metals, spot silver rose 1% to $32.78 an ounce, platinum increased 1.6% to $999.90, and palladium gained 0.8% to $1,083.25.
Gold prices rose as uncertainty around the U.S. elections supported demand. Investors are considering potential economic changes, including tariffs and shifts in policy, that may come with the election results.
Gold, traditionally seen as a hedge against economic and political risks, has gained 33% so far this year and often thrives in a low-interest-rate environment. If the election results remain uncertain for days or even weeks, gold could further benefit from the ensuing uncertainty.
The Federal Reserve’s interest rate decision is expected on Thursday, along with remarks from Chair Jerome Powell and other officials. According to CME’s FedWatch tool, markets widely anticipate a quarter-point rate cut, which would mark the second reduction this year following a substantial cut in September.
In other precious metals, spot silver rose 1% to $32.78 an ounce, platinum increased 1.6% to $999.90, and palladium gained 0.8% to $1,083.25.
Meanwhile, a private-sector survey in China, the world’s largest metals consumer, showed service activity growing at its fastest pace in three months in October.
Copper prices also hit their highest level in 22 days on Tuesday, boosted by dollar weakness, as traders balanced positions ahead of the U.S. presidential election outcome and anticipated economic stimulus from China, a major buyer of metals. Three-month copper on the London Metal Exchange (LME) rose 0.5% to $9,741.5 per metric ton, after reaching $9,782, its highest level since October 14.
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