• Gold gains as investors seek refuge amid election-related uncertainty and global tension.
• US Treasury yields steady; rising real yields slightly cap Gold’s advance.
• Analysts warn prolonged election result could further boost Gold prices in the coming days.

Gold prices increased during the New York session as Americans kept going to the polls amidst one of the closest of the US presidential elections this century. Risk appetite has improved, yet the golden metal post gains of over 0.22% due to uncertainty linked to election jitters and the Middle East.

The XAU/USD traded at $2,741 after bouncing off daily lows of $2,724. US Treasury bond yields had pared some of their gains, particularly the 10-year benchmark note, which remained unchanged at 4.289%. US real yields, which inversely correlate against Bullion, are up five basis points to 2.00%, capping the advance of the non-yielding metal.

Market players continued to cling to safe-haven assets outside of the Greenback amidst political uncertainty on the US election results. Gold, the Yen, and the Swiss Franc remain on the front foot, with most polls showing Democratic candidate Kamala Harris and Republican Donald Trump too close to call.

Commerzbank analysts wrote in a note, “Should the election result be uncertain for days or even weeks, Gold would benefit from the resulting uncertainty.”