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Gold prices rise as investors brace for U.S. Election Day

November 3, 2020

Gold futures were trading higher early Tuesday as investors focused on uncertainty around the outcome of the U.S. elections and the Federal Reserve’s two-day policy meeting this week.

“Gold prices are rising ahead of Election Day and all the turmoil that comes with it and before a Fed policy meeting that will likely signal they are about to do more, and that Congress still needs to deliver fiscal support,” wrote Edward Moya, senior market analyst at Oanda, in a note.

Gold has seen choppy trade in recent weeks but has managed to hold above $1,900 amid concerns about the outcome of the U.S. election and the spread ofCOVID-19 in many U.S. states.

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