WASHINGTON (dpa-AFX) - Gold futures settled lower on Monday, although the downside was just marginally as the dollar fell and bond yields dropped ahead of U.S. Presidential Election and the Federal Reserve's monetary policy announcement, on Tuesday and Wednesday, respectively.
The dollar index, which dropped to 103.58, recovered to 103.84 as the day progressed, but still remained well below (down 0.4%) from the previous close.
Gold futures for November ended down $2.50 or 0.09% at $2,736.10 an ounce.
Silver futures for November closed down $0.062 or 0.19% at $32.480 an ounce, while Copper futures for November climbed to 4.4080 per pound, gaining $0.0605 or about 1.4%.
With just 1 day until the U.S. elections, over 75 million early votes have already been cast, according to University of Florida estimates. Voters will determine whether the next president enters office with a friendly Congress or a hostile one.
The U.S. Federal Reserve will announce its interest rate decision on Thursday, followed by Fed. Chair Jerome Powell's press conference.
The Fed is widely expected to cut interest rates by 25 bps amid economic contradictions, following a supersize 50 basis point move in September.
The Bank of England, the Swedish Riksbank and the Norges Bank also hold policy meetings this week.
Investors also followed the developments on the geopolitical front. Iran and Azerbaijan reportedly begun two days of joint naval exercises in the Caspian Sea.
Iran's Supreme Leader Ayatollah Ali Khamenei has vowed that Israel and the U.S. would face a 'teeth-breaking response' for their actions against the country.
A report in Wall Street Journal says Iran is planning a complex attack on Israel, which may include missiles with high-powered warheads.
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