SALON

Monday, Nov 5, 2012 8:45 PM UTC

Price of gold rises ahead of Election Day

By

Topics: From the Wires,

The price of gold rose modestly Monday ahead of the U.S. presidential election.

Gold for December delivery gained $8 to finish at $1,683.20 per ounce. Other commodities were mixed in light volume.

The latest national polls show the race between President Barack Obama and Republican Mitt Romney is extremely tight on the day before the election.

Investors are cautious until the race is decided, but gold drew buyers looking for bargains after the price fell $40.30 to end at $1,675.20 an ounce Friday, said Dave Meger, a vice president of metals trading at Vision Financial Markets.

Also looming are a European Central Bank meeting Thursday and the package of tax increases and spending cuts known as the “fiscal cliff” that will take effect in the U.S. unless Congress acts by Jan. 1.

In other metals contracts for December delivery, silver rose 27.1 cents to finish at $31.128 per ounce, copper fell 1.15 cents to $3.47 per pound, and palladium gained $3.35 to $603 per ounce. January platinum fell $2.20 to $1,542.70 an ounce.

In other trading, the price of wheat rose on persistent questions about global supply heading into the U.S. winter wheat growing season. About 88 percent of the crop has been planted, but conditions remain dry in the key growing states of Kansas, Nebraska and Oklahoma and parts of Texas.

In addition, it appears supply is tightening in Ukraine and Russia.

“The general consensus, at least, seems to be at some point … they’re going to need to do something to curb exports,” Telvent DTN analyst John Sanow said of the two countries.

December wheat rose 1.5 cents to end at $8.66 per bushel, December corn fell 4 cents to $7.355 per bushel and January soybeans fell 23.5 cents to $15.0325 per bushel.

Energy prices were mostly higher.

Benchmark oil rose 79 cents to finish at $85.65 per barrel, heating oil increased 3.55 cents to $2.9829 per gallon, wholesale gasoline rose 4.66 cents to $2.6202 per gallon, and natural gas was unchanged at $3.554 per 1,000 cubic feet.

Sandy Shore

More Sandy Shore.

Next Article

You Might Also Like

More Related Stories

Featured Slide Shows

Gripping photos: The people of the Turkey protests (slideshow)

close X
  • Share on Twitter
  • Share on Facebook
  • Thumbnails
  • Fullscreen
  • 1 of 11
  • The protests take on a festive element as police forces move out of the park and square. Wearing a gas mask, this young man dances to traditional Turkish music in front of Taksim Square’s Ataturk Monument.

  • In Gezi Park since March 31st, this protester, originally caught off-guard by the Government’s teargas and water cannons, went out and bought a Russian army mask from WWII, preparing for what was to come.

  • This rambunctious boy seems to be enjoying the chaos. After taking this picture he threw a stone at the already destroyed building in the background.

  • Forming a line, the police face off directly with protesters in Taksim Square. After a while, they retreated and there was a general cheer – a back-and-forth dance that has been common since the beginning of this protest.

  • An elderly woman in Gezi Park reads the news. The tent community occupying the park was violently destroyed on June 16th.

  • Many different groups had set up booths to promote their cause in Taksim Square and Gezi Park. Standing in front of one, this man waves his flag while posing with conviction.

  • Many home-remedies are used to minimize the effects of tear gas. This woman has put a milky solution on her face, removing her mask after the tear gas dissipated. Before sunrise, the police came again for another round of teargasing.

  • People capitalize on the uprising -- selling flags, beer, gas masks, sky lanterns and spray paint to name just a few of the popular items.

  • On Monday morning, June 11, the police execute a strong offensive. Many plain-clothed police officers, like the ones seen here, clash with protesters in the side streets away from the main stand-off in Taksim.

  • The authorities seem to be most aggressive in the night, pushing protesters away from the square and park. After being teargassed this young woman catches her breath with other protesters on Siraselviler Street.

  • Recent Slide Shows

  • Share on Twitter
  • Share on Facebook
  • Thumbnails
  • Fullscreen
  • 1 of 11

Related Videos

More Related Stories

Comments

 0 Comments

Comment Preview

Your name will appear as username ( settings | log out )

You may use these HTML tags and attributes: <a href=""> <b> <em> <strong> <i> <blockquote>

follow salon

Most Read

Popular on Reddit

links from salon.com

From Around the Web

Presented by Scribol
listener_new_rect The Listener: "We Are All Completely Beside Ourselves": Growing up primate

Recommendations