Renewed tensions in the Middle East have created fresh worries about the global economy, especially the outlook for inflation. Rising geopolitical risks can affect energy supplies, increase oil prices and make it difficult for central banks to control inflation.
Gold Price Surges Above $4,050 as Democrats Win Congress
Gold prices witnessed a sharp rally during Thursday’s early Asian trading session, climbing above the important $4,050 level as investors reacted to the latest US midterm election results. The precious metal rose more than 3.60%, marking its strongest daily gain since mid-August.
Democrats Win Both US Senate and House: Market Reaction
Democrats Win Both US Senate and House: Democrats have secured control of both chambers of the US Congress, winning majorities in the Senate and the House of Representatives in Tuesday’s midterm elections. The victory marks a major political shift in Washington, ending Republican control of Congress.
Gold Prices Fall 1% as US PCE Inflation Lifts Fed Rate Hike Bets
Gold Prices Today: Gold (XAU/USD) extends its intraday decline on Thursday as the latest US Personal Consumption Expenditures (PCE) inflation data reinforce expectations of a Federal Reserve (Fed) rate hike in December after the US central bank held interest rates steady at its October meeting. At the time of writing, XAU/USD trades around $4,022, down 1.11% on the day.
Gold Holds Key Support Ahead of Fed Rate Decision
Gold (XAUUSD) price outlook: Gold prices are moving cautiously around the important $4,000 level as investors wait for the US Federal Reserve’s upcoming interest-rate decision. The precious metal has managed to stabilise for the third consecutive session after suffering a sharp decline last week. Gold fell more than 4% during the week, marking its biggest weekly loss in around four months and touching its lowest level since mid-July.