Gold Prices Inches Lower, Dollar Gains Ahead of U.S. Midterm Elections
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Gold prices inched lower while the dollar traded slightly higher on Friday ahead of the U.S. midterm elections due later in the day, as analysts expected a Republican victory would boost the dollar but hurt commodities.
Gold futures for December delivery on the Comex division of the New York Mercantile Exchange slipped 0.1% at $1,231.7 a troy ounce by 1:02 AM ET (05:02 GMT).
Meanwhile, the U.S. dollar index that tracks the greenback against a basket of other currencies was up 0.1% at 96.19.
"Markets are increasingly pricing in the possibility of a victory for the Republicans - even in the House," said Masafumi Yamamoto, chief currency strategist at Mizuho Securities.
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