Gold rises as dollar weakens ahead of US midterm election results
GLD•Spot gold rose 0.1% to $3,931.24 an ounce as the dollar weakened 0.5%. Traders priced in a 78% chance of a Federal Reserve rate hike in December, while markets awaited Friday’s US jobs report.
1. Gold gains modestly
Spot gold rose 0.1% to $3,931.24 per ounce by 0306 GMT, while US gold futures for December delivery were steady at $3,941.40. A weaker dollar and lower US Treasury yields supported gold, analysts said.
2. Markets await data
The dollar slipped 0.5% as investors watched the US midterm election results. Traders saw a 78% chance of a Federal Reserve rate hike in December, and markets awaited Friday’s non-farm payrolls report for clues on the Fed’s policy path.
3. Other metals decline
Silver fell 1.3% to $49.12 per ounce, platinum slipped 1.9% to $1,389.54 and palladium dropped 0.6% to $928.23.
