Gold is edging lower in early European trade as markets exercise caution ahead of a busy week between the U.S. presidential election and the Federal Reserve's monetary policy decision.
Futures trade 0.2% lower at $2,743.00 a troy ounce, but are still up nearly 3% on the month and more than 30% year-to-date. Uncertainty around the election outcome--with the latest opinion polls showing a neck-and-neck race between Vice President Harris and former President Trump--has stoked demand for the safe-haven asset in recent days. Meanwhile, traders expect the Fed to cut rates by 25 basis points, making gold more appealing. Still, "while long term drivers for gold remain in place, a pause or shallow rate cuts will provide reason for investors to book profit after the recent price rally," ANZ Research analysts say in a note.
Source : Dow Jones Newswires
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