Gold prices trade with a negative bias around $2,725
Gold (XAU/USD) prices moved lower during the Asian session on Friday (10/25) and reversed part of the previous day’s positive move, albeit remained confined within the weekly range. With less than two weeks to go before the US presidential election on November 5, opinion polls are pointing to a tight race for the White House. This adds a layer of political uncertainty, which, along with Middle East tensions, may continue to act as a tailwind for the safe-haven precious metal.
The supporting factor, to a larger extent, was offset by the emergence of some US Dollar (USD) buying on dips, supported by firming expectations for less aggressive policy easing by the Federal Reserve (Fed). In fact, traders have fully priced in the possibility of another jumbo interest rate cut in November as recent US macro data suggests that the economy remains on a strong footing. This, in turn, was seen supportive of the dollar and weighed on the non-yielding Gold prices.
Source: FXStreet
