Gold and silver consolidate

Ahead of next week’s US presidential election, traders are naturally reducing their positions to wait-and-see

Gold hit a new record high this week, while silver failed to challenge its recent high of $34.80 on 22 October before prices declined on profit taking. In European trade this morning, gold was $2751, up $65from last Friday, and silver $32.80, down 90 cents on the same timescale. Comex volumes in gold were high, while in silver only slightly less so.

All eyes are on next week’s US presidential election, which according to opinion polls is too close to call. However, the betting odds which have been a more reliable indicator than polls in the past have Trump favourite at 8/13 odds-on, while Harris is 8/5 odds-against. This event could induce some significant volatility into all markets.