Gold runs out of steam as US election looms

A series of updates here on Friday covered the price action in Gold and the stalling of the record run, setting in place a double top on the daily charts just above $2,790 earlier in the week. As covered here on Friday afternoon, the lower than expected US jobs numbers and fall in the ISM index did push gold back above $2,760 (peaked at $2,762.26). However, it was not able to hold that rebound and once again fell back into the US close, ending the week near session lows (2,733.25), at $2,736.53. As with many other markets right now, this seemed very much due to the ever looming US election tomorrow. Also to note, that despite the tepid US data, the US 10 year treasury yield rose nearly 0.10% by the close. That also did Gold no favours on Friday evening. The range seen overnight has been covered by $2,730.68 to $2,743.77. It is currently trading at $2,738.45