2018-11-07
Gold rose above a one-week low on Wednesday as investors looked for market volatility and uncertainty surrounding the results of the US midterm elections.
 
At 0625 GMT, the spot price of gold was up 0.2 percent at $ 1228.52 an ounce after touching its lowest level since November 1 at $ 1222.90 earlier in the session.
 
US gold futures rose 0.3 percent to $ 1229.5 an ounce.
 
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"The specter of a Democratic-controlled House of Representatives predicts that we will see some risk aversion in the market, which will probably benefit gold," said Daniel Haines, an analyst at ANZ.
 
Democrats used dissatisfaction with President Trump's performance to wrest control of the US House of Representatives.
 
That win puts Republican Republicans in a bind when trying to pass laws in Congressional chambers, casting doubt on Trump's main economic proposals.
 
Silver rose 0.3 percent in spot trade to $ 14.57 an ounce, while palladium dropped 0.1 percent to $ 1114.49.
 
Platinum rose 0.5 percent to $ 871.5 an ounce. At the previous session, the metal hit its highest level since June 25 when it hit $ 875.70.