Gold Prices Rose on Safe-Haven Below $1,300 Ahead of US Presidential Election

Gold Prices Rose on Safe-Haven Below $1,300 Ahead of US Presidential Election

Prices of gold rallied on Thursday below the level of $ 1,300, ignoring the signals of the Federal Reserve could raise the interest rates next month, since uncertainty about the outcome of the presidential elections in the United States It hurt the dollar and supported bullion demand shelter and Worldwide stocks stabilized.

Gold for December delivery on the Comex Exchange was down $14.85, or 1.14%, to $1,293.35 a troy ounce.

Spot gold rose 0.4 percent to $1,301.63 an ounce. The yellow metal touched a high of $1,307.76 in the previous session, its best since Oct. 4.

The excitement of Hillary Clinton has declined since the renewal of the FBI investigation of his use of an unauthorized while Secretary of State e-mail server.

Meanwhile, the Federal Reserve kept the interest rates unchanged on Wednesday in its latest policy decision, but said it could rise in December as the economy gathers momentum and inflation is recovered.

Traders were setting the price at around a 67% chance of a rate rise next month, according to the Monitor tool Fed rate

The few surveys have led the markets trading at higher risk than the Republican Donald Trump could beat his Democratic rival, Hillary Clinton, in the controversial US presidential election next week, perhaps remembering the turbulence that followed the surprising vote Brexit.

In futures trade, gold for delivery in December was Rs 81 or 0.26 per cent down at Rs 30,585 per 10 gram at the Multi Commodity Exchange as participants lightened their positions to book profits at existing higher levels even as the precious metal climbed overseas.

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