"Gold prices may stabilize somewhat in November following the election," Martin says."This could be short-lived, as neither party has a clear plan to address the growing deficit. In times of economic uncertainty, like the one we're in, gold tends to outperform, though it may be a volatile journey upwards."

Gold was trading at $2,697.51 per troy ounce as of 9 a.m. ET. That’s a +0.48% change since yesterday. The precious metal is up 30.55% since Jan. 1, 2024. Over the last day, its highest trading price was $2,710.44, while its lowest was $2,680.40.