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Gold drops 1% after FBI clears Clinton

On Monday, gold sagged steeply during European hours, as demand for safe-haven assets ebbed after the FBI informed that no charges were warranted in the case of Democrat Hillary Clinton's employment of a private email server, thus lifting a cloud over her presidential campaign two days before the American election.

In New York, December delivery gold futures dropped 1.16%, trading at $1,289.35 per troy ounce.

Prices of the yellow metal surged to a five-week peak of $1,309.30 last Wednesday, as market participants were rattled by indications that the American presidential election race was tightening.

Hopes for a Clinton win mounted after FBI Director James Comey reported over the weekend that it hadn’t altered its conclusions on the private email server used by the Democratic candidate

American stock futures leapt more than 1% on the news, while the Mexican peso, which has served as a barometer of the markets' perception of a probable Donald Trump’s victory, surged. 

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