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Gold prices dropped to one-month lows on Thursday, hurt by a stronger dollar and lack of clarity on a U.S. stimulus agreement, while concerns over a spike in COVID-19 cases and uncertainty ahead of U.S. elections limited losses of the metal.
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USD/CAD slips as rising Biden election prospects lifts global growth tones.
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AUD/USD fell on Thursday, surrendering an overnight bounce and putting key support near 0.7000 under threat as COVID concerns, U.S. election uncertainty and interest rate influences keep risk aversion high.
Investors flocked to the safe-haven U.S. dollar and yen as pandemic lockdowns dimmed global economic recovery hopes, while tightening polls and concerns about a potentially contested U.S. election result added to unease.
The RBA meets on Nov. 3 and is expected to cut rates. Economists in a poll expected the RBA to expand its bond buying program, allowing Australian-U.S. spreads to hand the U.S. dollar a yield advantage.
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Dry weather affecting corn and soybean planting in South America, as well as winter wheat seeding in the United States and Russia, threatens to trim ample global supplies as China drives demand.
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