Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold slid 0.5% to close above $1,226 as oil fell while equities rose on solid earnings and easing trade fears, reducing demand for safe havens. Trading was light in most markets as investors await the outcome of today's US elections and the conclusion of the Fed's policy meeting.

The Dow and Global Dow both added 0.25%, led by materials shares, after Chinese VP Wang Qishan said his nation is ready to hold meetings to settle trade disputes with the US. Solid earnings among healthcare companies also boosted risk appetite.

The dollar held steady as traders look toward Thursday's release of a new monetary policy statement from the Fed, which begins a two-day meeting today. Election results may determine the near-term direction of the buck. A strong showing by Democrats may weaken the currency by opening the door to gridlock in Washington, retarding President Trump's pro-business agenda.

Oil traded 1.6% lower after the White House announced exceptions to Iranian oil sanctions for eight countries, including China and Japan. The exceptions effectively allow more oil to enter the global market, pressuring prices. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

The other precious metals were mostly lower, with silver and palladium falling 1% and 2.3%, respectively, while platinum picked up 0.2%.

At the Comex close: December gold slid $6 to $1,226.30; December silver dropped 15 cents to $14.52; January platinum added $2.10, to $871.50; and December palladium lost $26.30 to $1,095.30 an ounce.