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Gold prices soar in Asia on tight finish to U.S. presidential race

CommoditiesNov 08, 2016 09:47PM ET
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© Reuters. Gold jumps in Asia

Investing.com - Gold soared in Asia on Wednesday as results filtered in on the U.S. presidential election that suggested a tight finish in key battleground states.

Results will be declared state by state. If the outcome is clear, the television networks are expected to make their official call at 11:00PM ET (04:00 GMT Wednesday).

Gold for December delivery on the Comex division of the New York Mercantile Exchange rose 2.58% to $1,307.35 a troy ounce. Also on the Comex, silver futures for December delivery jumped 1.10% to $18.557 a troy ounce. while copper futures dropped 1.43% to $2.343 a pound.

Earlier in China, CPI figures for October came in at a gain of 2.1% year-on-year as expected, with month-on-month data showing a fall of 0.1%, from the previous rise of 0.7%. PPI figures showed a 1.2% increases, more than the 0.8% gain seen year-on-year.

Overnight, gold prices held steady in a narrow range during North American hours on Tuesday, as investors adopted a wait-and-see approach before U.S. voters head to the polls to elect a new president.

Global financial markets were rattled last week by signs the U.S. presidential election race between Democrat candidate Hillary Clinton and Republican nominee Donald Trump was tightening.

However, hopes for a Clinton win mounted after FBI Director James Comey informed Congress over the weekend that it had "not changed its conclusions" on the private email server maintained by the Democratic candidate

According to the final Reuters/Ipsos States of the Nation project, Democrat Hillary Clinton has about a 90% chance of defeating Republican Donald Trump in the race for the White House.

Market players have tended to see Clinton as the candidate of the status quo, while there is greater uncertainty over what a Trump victory might mean for U.S. foreign policy, international trade deals and the domestic economy.

Gold prices soar in Asia on tight finish to U.S. presidential race
 

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