Latest Currencies and Precious Metals news

Shafaq news/ Gold jumped to a two-week high on Thursday as the dollar slipped, with investors betting on the likelihood of bigger economic support measures as Joe Biden inches closer to the Oval Office going into the final stretch of the U.S. elections.

Spot gold was up 0.7% to $1,909.80 per ounce.

U.S. gold futures gained 1.1% to $1,917.30.

Democrat Biden moved closer to victory on Thursday, while incumbent President Donald Trump alleged fraud and called for recounts even as officials tallied votes in the handful of states that will determine the final outcome.

Silver jumped 1.4 % to $24.23 an ounce. Platinum rose 0.6% to $874.98, while palladium gained 0.6% to $2,302.67

As for the currencies, the dollar slipped to its weakest level in more than two years against the Yuan and eased against other Asian currencies as Democrat Joe Biden edged closer to the White House in a nail-biting U.S. presidential election.

 Expectations that a Biden administration would strike a slightly softer tone on trade policy is likely to weaken the dollar against the currencies of countries that often faced the threat of tariffs during Trump's administration, analysts said

The onshore Yuan briefly rose to over a two-year high of 6.6381 per dollar, extending its recent gain as China's currency has become a popular trade to bet on a Biden victory.

Emerging market currencies such as the Malaysian ringgit and the Indonesian rupiah also rose against the greenback.

The euro bought $1.1736 on Thursday, steady from the previous session.

The British pound fell 0.25% to $1.2960.

Against the euro, the pound fell 0.33% to 90.55 pence

The dollar was little changed at 104.33 yen.