(Kitco News) - Gold prices ended the U.S. day session just modestly lower Thursday and well up from the sharp losses seen in early trading. Profit-taking was featured. The early stronger selling pressure in gold and silver markets saw traders very willing to buy the dips, as the near-term technical postures for both metals has turned significantly more bullish this week. December Comex gold was last down $5.50 an ounce at $1,302.70. December Comex silver was last down $0.328 at $18.365 an ounce.
Gold also saw some early selling tied to a U.K. court that ruled the government would need a vote from U.K. Parliament to officially start to leave the European Union (Brexit). The ruling could delay the process of the U.K. pulling out of the EU. The news could delay the Brexit process and may push the window of uncertainty on the matter down the road.
Some weaker U.S. economic data Thursday also aided the precious metals market bulls, as it fell into the camp of the monetary policy doves. The October ISM non-manufacturing report came in at 54.8 versus 57.1 in September. A reading of 56.0 was expected in October.
Gold edged higher on Thursday in response to a lower dollar and also uncertainty about the outcome of a tight U.S. presidential race.
Democrat Hillary Clinton maintained her narrow lead over Republican rival Donald Trump just days ahead of the Nov. 8 election, according to two polls released on Thursday.
This helped the dollar to recover from multi-week lows, although it remained 0.1 percent lower against a basket of six main currencies.
"Risk-off sentiment has helped gold above $1,300 yesterday ... and as long as uncertainty around the outcome of U.S. elections continues, we can see support," Saxo Bank head of research Ole Hansen said.
Reference: Kitco, Reuters
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