Oil pared gains and gold fell as early U.S. election results shook traders’ faith in a decisive outcome.
Oil in New York rose 1.1%, paring an earlier advance of as much as 3.4%. Spot gold fell 1%, while the dollar strengthened. Market uncertainty may lead to heightened volatility over the next few hours as traders react to headlines and early clues of a possible Donald Trump or Joe Biden victory.
Early results from states went according to predictions. Trump held a narrow lead in Florida, which his campaign considers crucial for his re-election hopes. Tallies suggested the outcome will be closer than polls had suggested.
