02.11.202010:13:00UTC+00Gold Edges Higher On US Election Jitters

Gold prices were moving higher on Monday as investors looked ahead to key events this week including Tuesday's hotly contested U.S presidential election, Thursday's FOMC meeting and the release of October's U.S. jobs report due Friday.

Spot gold and rose half a percent to $1,888.16 per ounce, while U.S. gold futures were up 0.4 percent at $1,886.45.

An uncertain result in Tuesday's presidential election could be a key driver for gold in an already uncertain environment due to the coronavirus pandemic.

Polls show Democratic nominee Joe Biden with a large lead among early voters in key states, but races are tight in battleground states. Amid much uncertainty, investors are preparing for post-election turmoil and a contested outcome.

On the Covid-19 front, Europe's total coronavirus cases crossed the grim milestone of 10 million on Sunday, forcing government across the continent to reimpose tough lockdown measures.

British Prime Minister Boris Johnson announced over the weekend that a one-month lockdown across England would start on Thursday to contain the spread of the coronavirus.

After a massive and sudden surge in Covid-19 cases, Belgium, France and Germany are also experiencing their own second lockdowns.