AGE Daily Gold Update

AGE Daily Gold Update presents a recap on today's action in the precious metals markets. View archives.

11/4/2024: Gold edges down before elections

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold edged down 0.1% to close near $2,736 despite downticks in Treasury yields and the dollar as investors tread water ahead of tomorrow's US elections and Fed meeting on monetary policy. Silver also slipped 0.1% to finish at $32.44 an ounce.

While the race between Donald Trump and Kamala Harris remains too close to call, the so-called Trump trade began to unwind today after Harris pulled ahead in the latest Iowa straw poll and betting markets shifted slightly in her favor.

Benchmark 10-year Treasury yields pulled back under 4.3% as traders speculated that a Harris administration would likely be less inflationary, given Trump's policy platform of sizable blanket tariffs. The rebound in yields over recent weeks had been in part due to expectations of a Trump win.

Tracking with yields and for similar reasons, the dollar fell 0.2% against major rivals. Often held as a hedge against rising prices, gold also receded slightly on anticipation of lower inflation in case of a Harris victory.

Gold remained supported by the prospect of monetary easing, with the Fed almost certain to cut interest rates by a quarter-point when it meets this week.

Platinum and palladium fell 1.1% and 3.4%, respectively.

At the New York spot close: gold dipped $2.50 to $2,736.10; silver slipped 4 cents to $32.44; platinum pulled back $11.40 to $983.70; and p0lallaium shed $37.40 to $1,071.40 an ounce.