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Gold edged lower on Tuesday after equity markets bounced back, hinting that investors were turning to riskier assets in a belief Democrat Hillary Clinton won the first U.S. presidential debate against Republican Donald Trump.
"Leading into this event (presidential debate), positioning in the gold market buying wasn't aggressive in either direction, it was fairly neutral. I suspect the move subsequent to the first debate is going to be relatively muted," said ANZ analyst Daniel Hynes. However, the wave of risk-on trading as a consequence of the U.S. Presidential election could weigh on gold prices in the short-term with a possible break to the upside amid heightened volatility, Hynes added.
"The current $1,330-$1,342 range (for gold) is still in play and participants will be looking closely at the results of the first U.S. presidential debate for direction," MKS PAMP Group trader Sam Laughlin said in a note earlier in the day.
Reference: Reuters, CNBC, CNN
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