President Donald Trump questioned the credibility of the U.S. election, complaining that public polls had overstated Joe Biden’s lead in many battleground states and the ongoing count of mail-in votes was eroding his lead in Pennsylvania and Georgia. Trump gave a statement to reporters at the White House on Thursday.
Meanwhile, Federal Reserve Chair Jerome Powell opened the door to a possible shift in the central bank’s bond purchases in coming months, saying that more fiscal and monetary support are needed as rising Covid-19 infections cloud the outlook for the economic recovery. The Fed kept interest rates near zero and held bond purchases at a $120 billion monthly pace at its meeting ending Thursday. The U.S. non-farm payrolls report is due Friday.
Spot gold traded 0.2% lower at $1,946.58 an ounce at 8:21 a.m. in Singapore. Prices surged as much as 2.6% on Thursday to the highest level since Sept. 21, and are up 3.5% this week, the most since the five days ended July 31. Silver fell 0.5%, platinum dropped 0.2%, and palladium declined 0.3%. The Bloomberg Dollar Spot Index was steady near the lowest since 2018.
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