Gold firms on softer oil prices, US midterm results awaited
GLD•Gold rose 0.2% to $3,934.75 per ounce in early Asian trade as softer oil prices eased inflation concerns and investors awaited US midterm election results and labour market data.
1. Gold edges higher
Spot gold was up 0.2% at $3,934.75 per ounce by 0024 GMT, while December US gold futures rose 0.1% to $3,943.20. Oil prices fell about 1% on Tuesday to their lowest in nearly four weeks.
2. Investors watch policy cues
Lower oil prices eased inflation concerns and reinforced expectations that the Federal Reserve may not need to keep interest rates elevated for an extended period, boosting bullion’s appeal. Traders saw a 78% chance of a December rate increase, while investors awaited US midterm election results and key labour market data.
3. Other metals and demand
India’s gold demand is expected to fall to a six-year low in 2026 as elevated prices weigh on jewellery sales and investment demand moderates, the World Gold Council said. Spot silver fell 0.2%, while platinum rose 0.3% and palladium gained 0.5%.
