Gold climbed above $4,000 an ounce after a Democratic sweep of Congress sent the dollar and Treasury yields lower, boosting the appeal of the precious metal.
Gold declined as traders assessed the prospects of diplomacy in the US-Iran conflict while refraining from taking big positions on the US midterm election day.
As gold heads toward its worst annual loss in more than a decade, investors are gauging the odds a political shift in the US will restore the precious metal’s haven allure.
The US aluminum industry’s main trade group is pushing for Canada and Mexico to match Washington’s tariffs on imports of the metal from outside North America, while declining to take a position on whether President Donald Trump’s current 50% levy should be lowered.
Gold tumbled to a one-year low and headed for its worst October since the global financial crisis as rising oil prices stoked inflation concerns and a global tech rout spurred investors to sell bullion to cover losses elsewhere.
Gold erased losses after Federal Reserve officials left interest rates unchanged and reiterated their commitment to containing inflation without offering a clear signal on whether to tighten monetary policy in December.
Gold advanced as bargain hunters stepped in after the precious metal fell below a key level, while traders await a Federal Reserve interest-rate decision later this week.
Gold fell to the lowest since July as renewed strength in energy prices and weakening US consumer sentiment reinforced inflation concerns just days before the Federal Reserve’s next policy meeting.
Gold fluctuated as traders assessed the outlook for the Federal Reserve’s interest-rate path on the back of potential renewed hositilities in the Middle East.
Gold slipped as bond yields stayed elevated despite falling energy prices, with traders assessing the outlook for the Federal Reserve’s interest-rate path.
Gold declined as a rebound in bond yields outweighed bets that the Federal Reserve may hold interest rates steady later this month following a slowdown in the jobs market.
Gold gained as bond yields retreated, outweighing lingering inflation concerns from elevated energy costs and the prospect of higher US interest rates.
Gold swung as softer inflation data tempered bets on further Federal Reserve tightening, while elevated bond yields kept the precious metal vulnerable to renewed selling.
Gold recovered some losses from Monday’s rout as traders looked for clues on whether the Federal Reserve will continue tightening policy to rein in inflation.
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.
Gold was set to end to the week lower as elevated energy prices drove bond yields higher and fueled expectations the Federal Reserve will need to raise interest rates further to contain inflation.
Gold fell as renewed strength in energy prices, particularly oil, and the latest US data on manufacturing and services reinforced bets that the Federal Reserve will raise interest rates to fight inflation.