CUR - Gold may hit record by year-end on election risk Citi says

Gold (XAUUSD:CUR) slips below $1,900/oz. as the dollar climbs near two-month peak, with investors keeping a close eye on remarks from Federal Reserve officials on the state of the economy; December Comex gold -1.6% to $1,877.50/oz.“A rallying U.S. dollar index recently and a rebound in global stock markets at midweek are bearish elements for the precious metals markets,” says Kitco's Jim Wyckoff.But Citigroup thinks gold could hit a record before year-end, aided in part by the risks surrounding the U.S. presidential election.Uncertainty over the election and delays about the outcome may "be under-appreciated by precious metals markets," Citi says in its quarterly commodities outlook, forecasting a surge of more than $200/oz. for bullion futures from current levels.The election "could be an extraordinary catalyst for gold flat price and volatility skew [late in Q4], even though historically there is no clear pattern for gold trading or price volatility into and after

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Gold may hit record by year-end on election risk, Citi says