Gold Drops Amid Prospects for Volatile Trading on U.S. Election Results

Gold declines amid prospects for volatile trading on the U.S. presidential election results. Like other asset classes, the morning Asian session could be a very choppy one for the precious metal, Oanda says. ”

I am expecting gold to range between $1,890.00 and $1,920.00 an ounce this morning. Longer-term investors may want to sit the Asian session out,” says Jeffrey Halley, senior market analyst at Oanda. Spot gold is down 0.4% at $1,901.70/oz.

AUD/USD, a key risk barometer in forex markets, is gyrating with swings in U.S. equity futures, which are in turn clearly positively correlated with the perceived probability of a Biden win in the U.S. presidential election, says Sean Callow, currency strategist at Westpac. Trump’s better-than-expected results in Florida and Georgia have seen the pair reverse from its high of 0.7222 to 0.7140.