In the final week before the election, gold prices opened around $1,275 per ounce and rose above $1,300 per ounce by the end of the week. The markets generally fell on Monday on news of the continued investigation into Hillary Clinton’s emails, stabilizing gold. Though it’s generally understood that a Trump victory would be better for gold prices, since he is the more unstable candidate, either way the election goes is expected to bolster gold prices.
Tuesday’s gold price jumped up on a weaker dollar, which was influenced by the instability around the presidential election. The FOMC began meetings on Tuesday, which ended Wednesday. Polls show a 6% chance of the Fed raising rates in November, and a 68% chance in December. Sure enough, the meeting concluded with no interest rate increase. Gold prices rose to $1,305 per ounce.
The presidential election trumped any minor economic news this week, as the world and the markets anticipate the outcome of the 2016 race. Analysts suggest that either victory could send gold prices well above $1,400 per ounce. October non-farm payroll reports came in slightly lower than expected.