Gold recovered on Monday from its biggest weekly drop since November after downbeat U.S. payrolls data on Friday dampened speculation of a near-term interest rate hike and as Chinese buyers returned after the Golden Week holiday.
Gold and silver futures prices ended the U.S. day session moderately higher Monday, on short covering in the futures market and bargain hunting in the cash, following last week’s drubbing that drove both markets to multi-month lows. December Comex gold was last up $9.50 an ounce at $1,261.40. December Comex silver was last up $0.325 at $17.705 an ounce.
Gold prices also benefited Monday on ideas U.S. presidential candidate Donald Trump performed better than expected at the Sunday evening debate against Hillary Clinton. Most of the world marketplace sees Trump as a bigger unknown than Clinton.
Holdings of ETFs backed by gold rose by 9.1 metric tons to 2,046.4 tons on Friday. Assets in SPDR Gold Shares, the world’s biggest gold ETF backed, surged to the highest since mid-August.
A CNN poll conducted before and after the second presidential debate finds almost two thirds of respondents think GOP presidential nominee Donald Trump performed better than they expected.
After the exchange, 63 percent said that Trump did a better job than they expected, while 21 percent said he did worse. Thirty-nine percent said Clinton performed better than they expected, while 26 said she performed worse.
Fifty-seven percent said Clinton did the best job, while 34 percent said the same of Trump.