Fear of market volatility raises gold


Gold prices rose Wednesday, beating a one-week low as investors looked for market volatility and uncertainties surrounding the US midterm elections.
The spot gold price 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.

"The specter of a Democratic-controlled House of Representatives suggests we will see some risk aversion in the market, which will probably benefit gold," Reuters analyst Daniel Haynes told Reuters.

That win places clear obstacles for Republicans when trying to pass laws in both chambers of Congress, 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.