Sunday , November 18 2018
Home / Commodity Blog / Gold Futures Flat Ahead of US Midterm Elections

Gold Futures Flat Ahead of US Midterm Elections

Summary:
Gold futures are struggling to find a direction ahead of the US midterm elections. With the electoral contest up in the air, investors are being cautious about which way to play the market, leaving the yellow metal unable to record any significant gains or losses to kick off the trading week. December gold futures tumbled .00, or 0.08%, to ,232.30 per ounce at 18:05 GMT on Monday. Last week, gold was relatively unchanged, but it did have an impressive October, gaining about 3%. So far in 2018, the yellow metal is down a little more than 7%. Silver, the sister commodity to gold, is slumping to start the trading week. December silver futures fell %excerpt%.10, or 0.68%, to .65 an ounce. The white metal did report a tepid gain of 0.4% last week, as well as 0.5% jump last month. Year-to-date,

Topics:
Andrew Moran considers the following as important:

This could be interesting, too:

Vladimir Vyun writes Gold Gains on Risk Aversion, Weakening Dollar

Andrew Moran writes Gold Hovers Around ,200 As Dollars Surges to 17-Month High

Andrew Moran writes Gold Weakens 1%, Poised for Weekly Loss on Hawkish Fed

Andrew Moran writes Gold Slumps on Impressive Jobs Report, Higher Wages

Gold futures are struggling to find a direction ahead of the US midterm elections. With the electoral contest up in the air, investors are being cautious about which way to play the market, leaving the yellow metal unable to record any significant gains or losses to kick off the trading week.

December gold futures tumbled $1.00, or 0.08%, to $1,232.30 per ounce at 18:05 GMT on Monday. Last week, gold was relatively unchanged, but it did have an impressive October, gaining about 3%. So far in 2018, the yellow metal is down a little more than 7%.

Silver, the sister commodity to gold, is slumping to start the trading week. December silver futures fell $0.10, or 0.68%, to $14.65 an ounce. The white metal did report a tepid gain of 0.4% last week, as well as 0.5% jump last month. Year-to-date, silver prices are down 15%.

On Tuesday, the US will hold its midterm elections that many say is a referendum on President Donald Trump and his administration. According to Real Clear Politics averages, the Democrats are expected to pick up 26 seats in the House of Representatives, but the Senate is projected to remain the same. This means, the Republicans will maintain a majority in the Senate, but Democrats will regain control of the House.

Analysts are already warning that the market could take a nosedive should the Democrats retake Congress.

There was some movement on the data front. The Institute for Supply Management (ISM)’s non-manufacturing index tumbled to 60.3 in October, down from 61.6 in September.

Both events sent the dollar lower as the greenback dipped 0.13% to 96.27. With the year coming to a close, 2018 was certainly a year for the buck as the currency surged close to 5%. A rallying greenback is bad for dollar-pegged commodities because it makes more expensive for foreign investors to purchase.

That has not stopped central banks and consumers from purchasing bullion, though. According to the World Gold Council (WGC), central bank gold reserves swelled 22% year-over-year in the third quarter.

In other metals markets, December copper futures shed $0.05, or 1.92%, to $2.75 per pound. December platinum futures slid $5.70, or 0.65%, to $870.00 an ounce. December palladium futures spiked $15.10, or 1.37%, to $1,119.60 per ounce.

If you have any questions and comments on commodities today, use the form below to reply.


© AndrewMoran for Commodity Blog, 2018. | Permalink | No comment | Add to

Better Feed from Ozh

Andrew Moran
I am a full-time professional writer. Prior to my self-employment, I worked as a reporter for Digital Journal covering the politics beat and The Toronto Times reporting on the city’s entertainment scene. I currently write mostly about business, marketing and finance

Leave a Reply

Your email address will not be published. Required fields are marked *