Gold hits 1-month high on U.S. election worries

02-Nov (Reuters) — Gold rallied to a one-month high on Wednesday as intensifying concerns over the outcome of the U.S. election knocked stocks and the dollar lower and burnished the appeal of precious metals as a haven from risk.

Investor anxiety over the election after the renewal of an FBI probe into Democratic candidate Hillary Clinton’s emails knocked European stocks to near four-month lows and sent the dollar to its lowest since early October.

That helped push gold back towards the $1,300 an ounce mark.

Spot gold was up 0.6 percent at $1,295.98 an ounce at 1030 GMT, while U.S. gold futures for December delivery were up $9.20 an ounce at $1,297.20.

“The election polls are the main driver for this increase in the gold price. If there is a President Donald Trump, there could be a change in policy,” LBBW analyst Thorsten Proettel said. “That would increase uncertainty among market participants.”

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