Gold extended gains — after jumping more than 3% on Wednesday — as a Democratic sweep of Congress in the US midterm elections sent the dollar and Treasury yields lower.

India’s illegal gold imports surged to the highest since 2023 in the third quarter as a government duty hike spurred use of unofficial channels, according to a report from the World Gold Council.

Gold rebounded as oil plunged on renewed hopes for diplomatic efforts to end the war in Iran.

Gold declined after the Federal Reserve kept borrowing costs steady and offered few clues on its next move, leaving open the prospect of a rate hike before year-end.

Gold still faces downside risk after the latest sell-off as liquidity remains thin and interest rates have room to rise, Yuxuan Tang, head of rates and foreign-exchange strategy for Asia at JPMorgan Private Bank, said in an interview.

Amundi SA, Europe’s largest asset manager, expects a recovery in the gold price to around $4,500 an ounce following a selloff that dragged the metal to a three-month low.

Chinese households’ appetite for gold has grown over the past two months as prices soften and onshore equities lose their shine, providing support at a time when bullion is testing $4,000 an ounce.

India’s silver imports are set to rebound in time for the busiest jewelry-buying season after the government issued a raft of new permits, easing restrictions that had stifled shipments to one of the world’s biggest markets.

Gold declined to the lowest in more than two months as escalating Middle East hostilities sent oil surging ahead of a Federal Reserve policy meeting, while a selloff in equities added to broader market volatility.

Gold was little changed as traders weighed easing bets on an imminent Federal Reserve rate hike against a surge in oil prices that pushed Treasury yields higher.

Gold increased as an equity selloff drove investors into bonds, pushing Treasury yields lower.

Gold dipped from a one-week high as traders assessed swings in oil prices while awaiting fresh clues to the US Federal Reserve’s rate path.

Precious metals traders at the world’s top banks made record profits in the first half of this year, putting them on track for their best-ever annual result as surging investor interest and sharp price swings generate huge opportunities for dealers.

Officials from Hong Kong and Singapore have used an annual industry gathering to pitch rival plans to create gold trading hubs in Asia, underscoring the fierce competition for new business and the race to capitalize on strong demand for the precious metal.

Gold sank to its lowest in more than seven weeks as the standoff between US and Iran over the Strait of Hormuz kept energy costs elevated and reinforced pressure on the Federal Reserve for more interest-rate hikes.

Australian hedge fund manager Raphael Lamm, whose long-short gold fund has delivered a net return of more than 200% to investors since its launch last year, sees the recent decline in bullion as temporary, arguing that the key forces underpinning its long-term rally remain intact.

Gold fell as rebounding oil prices helped reinforce expectations that the Federal Reserve will need to continue raising interest rates in order to quell above-target inflation.

Chinese gold imports are at record levels this year, helped by a slump in international prices and a firmer yuan.

Gold pared losses as traders focused on how energy costs will influence the Federal Reserve’s path for interest rates.

Gold slipped as investors weighed the risk of a series of further US Federal Reserve rate hikes, even as benchmark oil futures extended a decline.