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Gold rises as dollar weakens ahead of U.S. midterm election results
Spot gold rose 0.5% as a softer dollar and early Democratic Senate gains lifted demand for bullion, traders said.
- Spot gold climbed 0.5 per cent to $3,947.49 per ounce on Wednesday, arresting a slide that hit one-year lows last week as dip buyers entered the market.
- A rout in technology stocks and liquidity concerns forced investors to liquidate bullion, leading to a 3.7 per cent slump in October that marked the worst month for the metal since 2008.
- Ole Sloth Hansen, head of commodity strategy at Saxo Bank, noted technical selling remains a concern; a recovery above $4,000 would signal a more neutral short-term outlook.
- U.S. stock futures slumped and the dollar softened Wednesday as Democrats notched early Senate wins, shifting sentiment ahead of midterm results while geopolitical tensions in the Middle East persist.
- Traders assign a 78 per cent probability to a Federal Reserve rate hike in December, while investors await non-farm payrolls data later this week. Iran and the United States remain far from a deal to end their war, sustaining geopolitical risk.
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26 Articles
26 Articles
Today, on Wednesday, gold prices rose, supported by the fall of the dollar, after Democrats made significant victories in the US Mid-Renovation election, while investors await the release of non-agricultural job statements later this week in search of indicators on the course of US monetary policy. The price of gold in immediate transactions rose by 2.2 per cent to $406.01 [...]
Coverage Details
Total News Sources26
Leaning Left1Leaning Right3Center2Last UpdatedBias Distribution50% Right
Bias Distribution
- 50% of the sources lean Right
50% Right
L 17%
C 33%
R 50%
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