Gold futures settle at 1-week high on Election Day

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Gold futures climbed Tuesday to settle at their highest in a week, with prices getting a boost on the back of uncertainty over the outcome of the U.S. presidential election. “The rally in gold only takes us back to where prices were trading a week ago, and this looks more like position-squaring ahead of the result” than new long positions, Adrian Ash, director of research at BullionVault, told MarketWatch. The underlying demand for physical bullion, however, “remains positive as the longer-term outlook remains bullish. Whoever wins, the White House will oversee new record deficit spending to fight the COVID crisis, aided by unprecedented monetary stimulus” from the Federal Reserve, said Ash. December gold rose $17.90, or nearly 1%, to settle at $1,910.40 an ounce. That was the highest most-active contract finish since Oct. 27, FactSet data show.
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