Gold Futures Settle Lower As Traders Await Election Results

Trading 05 Nov 2020 Donner votre avis

Gold prices drifted lower on Wednesday as riskier assets such as equities extended recent gains as investors looked ahead to the outcome of the presidential election.

It appears the results of the election will likely give a divided verdict with Democrat Joe Biden getting the nod as President while the Republicans look set to take control of the Senate.

The dollar index, which tumbled to 93.09, recovered some lost ground and was last seen at 93.44, down marginally from previous close.

Gold futures for December ended down $14.20 or about 0.7% at $1,896.20 an ounce, coming off the session's low of $1,881.80.

Silver futures for December finished lower by $0.441 at $23.893 an ounce, while Copper futures for December settled at $3.1070 per pound, up $0.0145 from previous close.

Private sector employment in the U.S. increased by much less than expected in the month of October, according to a report released by payroll processor ADP on Wednesday.

In U.S. economic news, ADP said private sector employment rose by 365,000 jobs in October after spiking by an upwardly revised 753,000 jobs in September.

Economists had expected private sector employment to surge by 650,000 jobs compared to the jump of 749,000 jobs originally reported for the previous month.

A report released by the Commerce Department showed the U.S. trade deficit narrowed to $63.9 billion in September from a revised $67.0 billion in August. Economists had expected the deficit to narrow to $63.8 billion from the $67.1 billion originally reported for the previous month.

Growth in U.S. service sector activity slowed by more than expected in the month of October, according to a report released by the Institute for Supply Management on Wednesday.

The ISM said its services PMI dipped to 56.6 in October from 57.8 in September, although a reading above 50 still indicates growth in the service sector. Economists had expected the index to edge down to 57.5.


The material has been provided by InstaForex Company - www.instaforex.com

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