Gold fell with copper and oil pared gains as tight races in battleground states in the US election shook traders’ initial faith in a decisive outcome, raising the prospect of a prolonged wait for the final result.

Spot gold dropped 0.6% and the dollar strengthened as the race’s tightness spurred a flight to the safety of the greenback. Oil in New York rose 2.4%, paring an earlier advance of as much as 3.4%, with expectations OPEC+ will delay a planned easing of output cuts lending support.

President Donald Trump has once again defied polls and predictions, with a better-than-expected showing that appeared to significantly shrink Democrat challenger Joe Biden’s path to victory. Neither candidate conceded defeat and it looked likely that the final result would not be known for some time.

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