Gold and Silver Updates


    * 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
    "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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