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Japanese Yen Nears Seven-Month High as Oil Approaches $100 
China Buys 1 Million Tons of U.S. Soybeans Ahead of Xi Visit 
Canada Retaliatory Tariffs on U.S. Goods Take Effect 
Asian Currencies Steady as Yen Holds Firm, Oil Tops $100 
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Gold Prices Rise on Election and Fed Anticipation
Gold prices experienced an uptick during Asian trading on Monday, staying close to record highs as uncertainty looms over the U.S. presidential election and an approaching Federal Reserve meeting heightened haven demand.
Weak Dollar Fuels Gold Demand
The yellow metal gained support from a weakening dollar, which fell after last week's unexpectedly weak nonfarm payrolls data. This economic news strengthens the case for potential interest rate cuts by the Fed. Although gold had faced some profit-taking towards the end of October, it remains buoyed by these market conditions.
As of 23:56 ET (04:56 GMT), spot gold rose 0.2% to $2,741.31 per ounce, while December gold futures steadied at $2,750.40 per ounce.
Election Landscape: Trump vs. Harris
With the election fast approaching, recent polls indicate a tight race between Donald Trump and Kamala Harris. Key battleground states are expected to play a pivotal role in determining the election's outcome. Notably, Harris enjoys significant support among female voters, while Trump has a strong following among young white men.
Impact of Economic Data on Gold
In addition to election-driven demand, the soft payrolls data released last week points to a cooling U.S. job market, suggesting the Fed may consider a 25 basis point rate cut in their upcoming meeting. Lower interest rates typically enhance gold’s appeal as a non-yielding asset.
Other precious metals also saw gains, with platinum futures increasing by 0.4% to $1,006.75 per ounce and silver futures climbing 0.3% to $32.77 per ounce. Industrial metals like copper also rose, reflecting broader market optimism ahead of China's National People's Congress meeting, which may unveil plans for increased fiscal spending.
