FX.co ★ Gold Prices Mixed As Risk Aversion Creeps In

Gold prices were mixed on Thursday as investors awaited key U.S. inflation data later in the day for clues on the Federal Reserve's policy outlook.

Spot gold edged up marginally to $1,707.62 per ounce while U.S. gold futures traded 0.2 percent lower at $1,709.85.

U.S inflation is expected to ease to 8 percent year-on-year in October from 8.2 percent in the previous month.

Besides the U.S. inflation numbers, weekly jobless claims for the week ended November 5 and the monthly budget statement for October will be published in the New York session.

Risk aversion gripped global equity markets, as a surge in COVID-19 cases spurred lockdowns in the southern Chinese manufacturing hub of Guangzhou and uncertainty continued over the outcome of the U.S. midterm elections.

Pundits predicted a giant red [Republican] wave, but it didn't happen. Republicans closed in on House majority, while the Senate is still up for grabs.

A crash in the crypto market also dented investors' appetite for riskier assets.