Gold rises as investors weigh fallout of U.S. midterm verdict

Gold came off a one-week low to trade higher on Wednesday as investors sought cover from market volatility and uncertainty surrounding the fallout of U.S. midterm elections results.

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The Democratic Party is expected to win control of the U.S. House of Representatives, with the Republicans seen keeping their majority in the Senate.

A split Congress may hurt the dollar temporarily, while a Democratic win in one or both chambers is likely to be seen as a repudiation of President Donald Trump and the policies which have boosted corporate growth.

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“Until the (final) results come out, markets will be very choppy,” said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong.

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