Gold flat ahead of US election and Fed meeting
Gold prices held their ground on Tuesday as investors stayed away from taking big positions ahead of the U.S. presidential election and the Federal Reserve policy meeting later this week.
Spot gold was little changed to $2,735.96 per ounce by 0523 GMT. Bullion hit a record high of $2,790.15 last week.
U.S. gold futures edged lower by 0.1% to $2,744.70.
Democratic candidate Kamala Harris and Republican candidate Donald Trump are nearly tied in opinion polls, leaving the outcome of the U.S. presidential race uncertain and potentially unconfirmed for days after voting ends.
The market's attention will also be on the Fed's interest rate decision due this Thursday, along with remarks from Chair Jerome Powell and other officials.
According to the CME FedWatch tool, markets see a quarter-point cut this week, which would be the second U.S. rate reduction of the year.
Bullion, which is considered a hedge against geopolitical uncertainties, tends to do well when interest rates are low.
In China, a major metals consumer, the Standing Committee of the National People's Congress is meeting from Nov. 4-8, with widespread market anticipation for the approval of additional fiscal stimulus measures.
Spot silver was steady at $32.48 per ounce, platinum added 0.1% to $984.64 and palladium was up by 0.4% to $1,078.50.
Source : Reuters
