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Gold Down, With Geogia Runoff Election Too Close to Call

·1 min read

By Gina Lee

Investing.com – Gold was down on Wednesday morning in Asia, with investors awaiting the results of a U.S. Senate runoff election in the state of Georgia to determine the prospects of further stimulus measures.

Gold futures were up 0.33% at $1,947.90 by 10:46 PM ET (3:46 AM GMT). The dollar, which usually moves inversely to gold, was up on Wednesday but hovering near an over two-year low against rival currencies.

Votes are currently being counted In the Georgia election, where two Senate seats are up for grabs. The race is too close to call, with Republican incumbents David Perdue and Kelly Loeffler holding slight leads over Democrat rivals Jon Ossoff and Raphael Warnock after overturning the latter pair’s lead in early returns. The results are expected to be available later in the day but could remain doubtful for days should the margins be razor thin.

Both Biden and incumbent president Donald Trump campaigned in the state on Monday, highlighting the high-stakes nature of the race.

The results will determine which part will have control of the Senate, and the ease with which President-elect Joe Biden can push his legislative agenda through the chamber.

Meanwhile, Congress will meet later in the day to count the electoral votes from the Nov. 3 presidential election and certify Biden’s victory.

The Federal Reserve will also release the minutes from its December policy meeting later in the day.

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