Reductions to the value of the U.S. dollar pushed up the value of gold futures on Tuesday as Americans headed to the polls to cast ballots on Election Day, according to Bloomberg.
The world's reserve currency was pinched by tension about the political election that projects to be a close race between President Barack Obama and former Massachusetts Governor Mitt Romney. Of pressing concern as the nation decides is the fiscal cliff, which includes more than $600 billion in tax increases and slashes to spending.
"There is quite a bit of uncertainty affecting all the markets right now given the upcoming U.S. elections and looming fiscal cliff, but I think the precious metals are still well-positioned for massive moves higher into the first two quarters of 2013," senior broker Kurt Pfafflin with Daniels Trading said.
At 12:10 p.m. on Tuesday, gold futures gained 0.92 percent, a $15.58 rise to $1,700.58 per troy ounce.
Reuters reports the yellowish metal monitored the upward drive of equities on Tuesday as the commodity heads toward a 12th consecutive year of annual gains.
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