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Qingdao International Nonferrous Metals Trading Center, phone QQ: recruiting members, agents, account opening, investment, high rebate Qingdao International Platform Information: Gold futures rebounded on Tuesday after experiencing monthly difficulties and hit a new high in about a month. Uncertainty over the U.S. presidential election sent the dollar lower, boosting investment demand for gold.
Gold traders are also waiting for the results of the Federal Reserve's two-day monetary meeting to be announced on Wednesday. This meeting is not expected to raise interest rates, but it could signal action before the end of the year, putting potential pressure on gold prices.
On Tuesday, the price of gold futures for monthly delivery on the New York Mercantile Exchange rose by .USD, or .%, to close at USD per ounce, the highest closing price since March. Monthly gold futures fell by about %.
Silver futures for January delivery rose .cent, or .%, to settle at .USD per ounce. Monthly silver futures fell by .%.
Gold and silver prices rose as the U.S. dollar weakened against most major currencies. Polls show the race between the two candidates in the US presidential election, Republican Donald Trump and Democratic candidate Hillary Clinton ( ), remains tight.
On Tuesday afternoon Eastern Time, the U.S. dollar index fell .% to . A lower U.S. dollar typically drives up commodity futures prices such as precious metals.
Director and co-founder Michael Armbrast (h rb) said: When the U.S. dollar continued to rise last week, gold prices were basically trading sideways. Gold prices surged as soon as the U.S. dollar showed signs of weakness today. I think this strong performance may be a sign of strong psychological demand and will lay a solid foundation for the gold market.
Armbrast believes that rising political uncertainty may also be driving gold prices.
He pointed out that if Hillary wins, the email scandal seems to follow her into the White House. If Trump wins, he is an outsider in the political circle and may turn Washington upside down.
At the same time, the market is also paying special attention to the Federal Reserve's two-day meeting that will end on Wednesday, especially since this meeting is held just before the end of the election.
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