Gold prices fell on Wednesday as the US dollar strengthened after the preliminary results of the US presidential election showed more intense competition than expected, with Donald Trump now reportedly successful in several major states.
Entering the European session, the precious metal traded around $ 1,890 per ounce, declining from the 2-week high it reached at the opening of the Asian session at $ 1,916 per ounce. Gold futures declined at $ 1,888 per ounce (4.15pm Malaysian time).
The greenback dollar gained strength to rebound from its fall on Tuesday, strengthening at 94.00 against most major currencies.
In the latest development on election results, Democratic candidate Joe Biden is seen still leading the way with 238 seats compared to 213 seats, as of 4.40 pm.
However, Trump has successfully maintained his position in several major states (swing states), including Ohio, Texas, Iowa and Florida, making him confident of winning over other major states. Biden, on the other hand, managed to win in Arizona and Minnesota.
However, investors will remain wary of any possibility in the upcoming election results.
In the meantime, according to analysts, gold trading is expected to continue to increase regardless of who will win the presidential election this time.
