November 8, 2016 / 1:30 AM / 3 years ago

PRECIOUS-Gold steady ahead of U.S. presidential election

Nov 8 (Reuters) - Gold steadied early Tuesday along with the
dollar, after dropping nearly 2 percent in the previous session,
as uncertainty just hours ahead of the U.S. presidential
election kept wary investors locked into the safe-haven
commodity. 
    
    FUNDAMENTALS
    * Spot gold was up 0.08 percent at $1,282.30 an ounce
at 0100 GMT. The metal hit a low of $1,277.70 in the previous
session.
    * U.S. gold futures were up 0.27 percent to
$1,282.80 per ounce.
    * Uncertainty ahead of Tuesday's U.S. presidential election
and a possible U.S. interest rate hike in December have boosted
demand for gold and silver in the United States, dealers said.
 
    * The dollar steadied in Asia on Tuesday, keeping gains made
in the previous session on the growing prospect of a victory for
U.S. Democratic presidential candidate Hillary Clinton after the
FBI cleared her of any possibility of criminal charges in its
latest probe. 
    * With hours to go before Americans vote, Democrat Hillary
Clinton has about a 90 percent chance of defeating Republican
Donald Trump in the race for the White House, according to the
final Reuters/Ipsos States of the Nation project. 
    * Investor sentiment in the euro zone improved further in
November, reaching its highest level for the year and easing
pressure for further stimulus measures by the European Central
Bank, a survey showed on Monday. 
    * A majority of Bank of Japan policymakers believe it could
take time for inflation expectations to firm, underscoring
lingering doubts on how effective the BOJ's new policy framework
would be in achieving its ambitious 2 percent inflation target.
 
    * China's gold reserves rose to 59.24 million fine troy
ounces (oz) at the end of October, up from 59.11 million a month
earlier, the central bank said on Monday. 
    * For the top stories on metals and other news, click
 or 
    
     DATA AHEAD (GMT)
    *       China        Trade balance                   Oct
    0700   Germany      Industrial output               Sep
    0700   Germany      Trade balance                   Sep
    0745   France       Current account                 Sep
    0745   France       Trade balance                   Sep
    0930   Britain      Industrial output               Sep
    1100   U.S.         NFIB business optimism          Oct

    * No exact timing for China trade data  

 (Reporting by Apeksha Nair in Bengaluru; Editing by Kenneth
Maxwell)
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