Gold edges up as election concerns weigh on market

Gold prices surged further into positive territory on Tuesday, steadying after recent declines as traders remained on edge in the face of mounting uncertainty surrounding the U.S. presidential election and a looming Federal Reserve meeting.

Spot gold prices inched up 0.2 percent to a price tag of $2,742.36 an ounce, while gold futures for December delivery followed suit, rising 0.2 percent to $2,751.30 an ounce.

spot gold prices are seen hovering near their record high of $2,790.41 an ounce reached in October, as safe haven demand for the precious metal continues to hold sway.

As the presidential race between Donald Trump and Kamala Harris heats up, the seven battleground states that could swing the election one way or the other have become the center of attention.

Regardless of the outcome of the election, analysts at ING believe that gold prices are likely to maintain their shine, as geopolitical risks remain elevated. The precious metal has historically served as a safe haven asset in times of political and economic uncertainty, and the current climate is no exception.

In the broader precious metals arena, platinum futures soared 1.8% to $1008.50 an ounce, while silver futures rose one percent to $32.928 an ounce.

On the industrial metals front, copper prices caught a tailwind, with benchmark copper futures on the London Metal Exchange rallying one percent to $9,775.50 a tonne, while December copper futures followed suit, jumping 1.2 percent to $4.4850 a pound.