05.11.201814:44:00UTC+00Gold Settles Slightly Lower

Gold prices edged lower on Monday, despite having moved up earlier in the session after dollar weakened against most major currencies.

Reports that British Primer Minster Theresa May has secured a secret Brexit deal to keep the U.K. in the customs union lifted pound sterling and took some sheen off greenback.

The mood was generally cautious with traders looking ahead to the U.S. congressional mid-term elections and the Federal Open Market Committee meeting.

Gold futures for December ended down $1.00, or less than 0.1%, at $1,232.30 an ounce.

On Friday, gold futures ended down $5.30, or 0.4%, at $1,233.30 an ounce.

Silver futures for December declined by $0.109, at $14.647 an ounce, while Copper futures settled at $2.7560 per pound, losing $0.0510 for the session.

It is widely expected that the Fed will hold rates this month. However, a rate hike in December looks quite imminent. The accompanying statement is expected to provide some clues about future rate hikes and the central bank's views on the economy.

On the elections front, many analysts are of the view that the polls will give Democrats a chance to effectively oppose President Donald Trump's agenda. Opinion poll results give the Democrats a better chance at winning back a majority in the House than in the Senate.

On the trade front, hopes about a deal between the U.S. and China have faded after White House economic adviser Larry Kudlow downplayed the potential for a quick trade deal between the two countries.

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