Gold Spot Price Open: $1,276

Gold Spot Price Close: $1,290

Change in Gold Spot Price: +$14

Silver Spot Price Open: $17.86

Silver Spot Price Close: $18.34

Change in Silver Spot Price: +$0.48

Both gold and silver added some decent value on Tuesday thanks to mounting jitters regarding the outcome of the upcoming US presidential election. When all was said and done, gold added roughly 14 dollars while silver added more than 45 cents. Platinum and palladium did well today as both metals added more or less 15 dollars.

Election Outcome Called Into Question

For the longest time Hillary Clinton has been considered to be a shoe-in to take over the role of President of the United States. While this is, by most accounts, still the case, there have been some questions raised. Thanks to a new probe into Clinton’s use of confidential information on a private email server by the FBI, there are plenty of folks who are wondering whether Clinton will, in fact, win the election. Even though she has been in front for quite some time now, her lead in the polls is slimming as November 8th draws closer and closer.

For precious metals purposes, a Hillary Clinton victory is one that sees a perpetuation of much of the same. As such, interest rate hikes will still be on the table and the general functioning of the US economy is not expected to change all that much. The continuation of the same that is expected to accompany a Hillary Clinton presidential victory is something that will leave spot values unchanged. If Trump wins, on the other hand, there is no clear certainty the type of changes that will be enacted. As such, to protect themselves against any and all potential volatility, investors who think Trump might edge out Clinton are grabbing precious metals now while prices are still beaten down.

We will continue to focus on the ongoing FBI probe in order to see if it does have any tangible impact on the outcome of the presidential election.

FOMC Meeting Kicks Off, Dollar Loses Ground

Thanks, in part, to a US Dollar that has fallen from recent highs, both gold and silver are seeing some nice days of recovery. As is always the concern, it will be interesting to see if today’s gains can be sustained over any sort of elongated period of time. With the post-meeting FOMC statement expected to be delivered tomorrow, there is potential for metals to either build upon gains or see gains forfeited for yet another time.

There is a very small chance that the Fed will announce a rate hike this week, but that chance is small and diminishing every day. With the overall uncertainty that is the US presidential election, it seems as though the Fed’s hands are tied in that there are too many uncertainties for them to make a move as drastic as hiking interest rates.

Looking ahead to the latter half of the week, there are two big events to gear up for. First is the Bank of England policy meeting. With the BoE still working its way through a world apart from the EU, policy decisions made by that central bank have recently been placed under intense scrutiny.

Wrap-Up

Apart from the outcome of the FOMC meeting which, at this point, is basically set in stone, investors are concerning themselves with Friday’s unemployment report for the month of October. Preliminary expectations are for October to have emitted nice employment growth, but there is no saying this for certain at this juncture. Other than that, investors have little else in the way of fresh news to look forward to. Instead, expect the overarching attention of the global marketplace to focus wholly on the US presidential election as it is just about a week away.