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.
US dollar
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.
XAU/USD Gold Price Forecast: $4,100 Support in Focus
Gold price (XAU/USD) remains under pressure in the early European trading session on Wednesday. The precious metal is struggling below the $4,150 level after falling close to the $4,100 area in the previous session.
Fed Rate Hike: Bond Traders Expect 25 Basis Point Increase
Bond traders are entering Wednesday’s Federal Reserve decision with strong expectations that the US central bank will raise interest rates.
Silver Price Forecast: XAG/USD Eyes $66 as Dollar Weakens
Silver (XAG/USD) trades on a strong footing on Monday, reaching levels above $65.80 at the European session opening times, after bouncing from the $63.50 area on Friday. Precious metals are being boosted by US Dollar (USD) weakness, as recent US macroeconomic data has curbed hopes of Federal Reserve (Fed) interest rate hikes this year.