Gold futures edged higher Tuesday, with traders taking a cautious stance ahead of the outcome of U.S. midterm elections that will determine control of Congress.
December gold GCZ8, +0.41% rose $4.80, or 0.4%, to $1,237.10 an ounce on Comex, while December silver SIZ8, +0.33% was 3.8 cents higher at $14.685 an ounce, up 0.3%.
Republicans currently have majorities in the House and Senate. Democrats are widely expected to take control of the House of Representatives in Tuesday’s election, while Republicans are seen maintaining control of the Senate.
“Should the Democrats surprise, we would expect pressure on the dollar and a move higher in the metals complex. Republican control of the both the House and Senate should create selling pressure,” said Peter Hug, director of global trading at Kitco Metals.
Gold edged lower Monday, building a modest decline the previous week.
In other metals trade, January platinum PLF9, +0.94% rose 0.8% to $876.50 an ounce, while December palladium PAZ8, -0.30% was off 0.3% at $1,118.40 an ounce.
December copper HGZ8, +0.22% was up 0.1% at $2.759 a pound.