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* Greenback holds close to a two-month low * Gold up 3.9% to date this week * FACTBOX-Who's profitable the U.S. election? (Updates costs) By Sumita Layek Nov 6 (Reuters) - Gold rose on Friday and was set to publish its greatest week since July because the greenback weakened and rising probabilities of a Joe Biden victory within the U.S. presidential election boosted hopes for a bigger coronavirus aid invoice. Spot gold rose 0.2% to $1,951.51 per ounce by 1:41 p.m. EST (1841 GMT), on monitor for a 3.9% weekly achieve, essentially the most since late July. U.S. gold futures settled up 0.3% at $1,951.70. "A devaluation of the U.S. greenback has pushed gold costs to six-week highs, additionally some safe-haven demand amid the uncertainty of the presidential elections and rising COVID circumstances," Kitco Metals senior analyst Jim Wyckoff stated. "The market is factoring in a Biden victory, (which) will result in extra authorities stimulus programmes and that would introduce some problematic value inflation down the highway and additionally deflate the worth of (the) greenback." Gold, thought-about a hedge in opposition to inflation and forex debasement, has risen 28% this yr on the again of large world stimulus to assist coronavirus-hit economies. Making gold cheaper for holders of different currencies, the greenback held close to a two-month low. Democrat Joe Biden edged nearer to the White Home, whereas Republican President Donald Trump falsely claimed the election was being "stolen" from him, whilst votes had been nonetheless being counted in key states. "Though the continued U.S. election uncertainty is taking away the prospect of a right away stimulus bundle, markets consider that one would ultimately be coming, and so that could be why gold is transferring up," ED&F Man Capital Markets analyst Edward Meir stated. "Now we have a good shot of attending to $2,000 an oz by month-end if not earlier." Information earlier confirmed U.S. nonfarm payrolls elevated by 638,000 jobs final month, whereas the unemployment fee fell to 6.9% from 7.9% in September. Silver gained 0.8% to $25.51 an oz. Platinum was unchanged at $893.06 and palladium jumped 4.5% at $2,484.06. (Reporting by Sumita Layek in Bengaluru; modifying by Jonathan Oatis and Andrew Heavens)
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