old was steady as the market braced for a tight US election, and a Federal Reserve rate decision later in the week.
Uncertainty around the presidential vote on Tuesday has aided bullion in the last few weeks. A victory for Donald Trump could push the precious metal up further, given he’s pledging a massive increase in trade tariffs that may fuel inflation. However, the closeness of the race means the final result may not be known for days.
Bullion has surged by around a third this year, and is about $50 an ounce below last week’s record high. It’s been supported by easier monetary policy, central-bank buying and heightened geopolitical tensions. The Fed is widely expected to cut rates by a quarter-point on Thursday, with many of its rich world peers also likely to lower borrowing costs.
Spot gold was steady at $2 736.61 an ounce as of 8:28 a.m. in Singapore. The Bloomberg Dollar Spot Index was little changed following a 0.4% drop on Monday. Silver, palladium and platinum all edged lower.