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Gold futures jump to 1-month high as poll shows Trump in lead

Published 11/01/2016, 08:36 AM
© Reuters.  Gold rallies to 1-month high
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Investing.com - Gold prices rallied to a one-month high during North America's session on Tuesday, after a new poll showed that enthusiasm for Hillary Clinton has ebbed since the renewal of the FBI’s email investigation ahead of the upcoming U.S. presidential election.

An ABC/Washington Post tracking survey released earlier gave Trump 46% support from likely voters, to Clinton’s 45%. Clinton was ahead by 12 points a week earlier.

Markets were rattled by news last Friday that the FBI is planning to review more emails related to Democratic presidential candidate Hillary Clinton's private server, just over a week before the election.

The revelation could damage the chances of the Democrat candidate, fueling worries about a surprise election outcome.

Gold for December delivery on the Comex division of the New York Mercantile Exchange rose to a session high of $1,289.20 a troy ounce, the most since October 4. It was last at $1,288.00 by 8:35AM ET (12:35GMT), up $15.05, or 1.2%.

The market is also keeping an eye on the outcome of the Federal Reserve's two-day policy meeting, which begins on Tuesday. The U.S. central bank is not expected to raise interest rates, but could signal its intent to hike in December amid signs the economy is picking up steam.

Traders are currently pricing in a less than 10% chance of a rate hike this week, according to Investing.com's Fed Rate Monitor Tool. For December, odds stood at around 78%.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.3% at 98.01 early Tuesday, the lowest level since October 20.

Also on the Comex, silver futures for December delivery surged 45.2 cents, or 2.54%, to a one-month high of $18.24 a troy ounce during morning hours in New York.

Elsewhere, copper futures were little changed at $2.206 a pound after rising to a three-month high of $2.217 earlier.

Activity in China's manufacturing sector expanded at a faster pace than expected in October, two separate surveys showed on Tuesday, adding to views the world's second-largest economy is stabilizing.

China's official manufacturing purchasing managers index increased to 51.2 in October from September's 50.4, the National Bureau of Statistics said. The private Caixin survey also hit 51.2, showing the fastest rate of improvement since March 2011.

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