CAPITAL MARKETS

Markets eye political moves

Key markets closed lower and futures were mixed, while the spot gold price has moved up towards US$1,900 an ounce again as the US was poised to watch the first presidential debate ahead of the November election.

Staff reporter
 Image: Unsplash/Hassan Pasha

Image: Unsplash/Hassan Pasha

"The prospect of a tightly contested election, one that may lead to an uncertain result that is fought out in the courts in a manner reminiscent of, but worse than, 2000, may make markets more volatile for longer," IG chief market analyst Chris Beauchamp said last week.

The precious metal was worth $1,895/oz at the time of writing.

In the UK, the House of Commons has passed controversial post-Brexit bill, ahead of an EU summit set for October 16.

Copper closed slightly higher, up 0.2% on the London Metal Exchange.

China will close for Golden Week tomorrow.

Among the majors, precious metals producer Fresnillo closed 2.51% higher in London.

Freeport-McMoRan erased the previous day's gains, finishing 3.65% lower in New York.

In Toronto, Barrick Gold rose 1.94% and BHP was down 2% in morning Australian trade.

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