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Singapore - Gold rose for a fifth day to the highest level in almost a month as mounting anxiety ahead of next week’s US election spurs investors to seek out haven assets, with latest polls showing that Hillary Clinton’s once-dominant lead over Donald Trump is withering.
The metal for immediate delivery gained 0.3% to $1 292.29 an ounce at 08:32, the highest level since October 4, according to Bloomberg generic pricing. Gold closed at $1 311.60 on October 3.
Bullion fell last month amid expectations the Federal Reserve is poised to raise borrowing costs. Odds of a hike at the Fed’s November meet, which concludes later on Wednesday, are at just 16%, and the US election has become a greater concern.'
The sense of unease in markets was fueled by an ABC News/Washington Post tracking poll that placed Republican candidate Trump one percentage point ahead of his Democratic rival.
“Market nerves increased with polls showing a tightening in the US presidential race and ahead of” the Fed’s statement, Australia & New Zealand Banking wrote in a note on Wednesday.
Investors boosted their holdings in bullion-backed exchange-traded funds for a sixth straight month in October, the longest streak since 2009. Assets extended the increase on Tuesday, climbing by about 2 metric tons to 2 043 tons, data compiled by Bloomberg show.
In China, bullion of 99.99% purity added as much as 0.7% to $1 296.56 an ounce on the Shanghai Gold Exchange, the highest in three weeks. On global markets, spot silver rose 0.4%, heading for a fifth day of gains and the longest rising streak since September 6. Platinum and palladium fell 0.2%.
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