Gold rises over 2% from one-year low on softer oil prices; US midterms in focus
Business Recorder • • 1 min read
Gold recovered on Monday after reaching its weakest level in a year during the previous session. Business Recorder reported that spot gold gained 2.1% to $3,957.19 an ounce, while December US futures advanced 1.77% to $3,967.40. The rebound followed Friday’s 3.6% drop in spot prices.
Oil fell by more than 6%, easing some inflation concerns, while traders awaited the US midterm elections on November 3. Markets put the likelihood of a Federal Reserve rate increase in December at 77%, compared with 80% a week earlier, according to CME Group’s FedWatch Tool. Gold’s 14-day Relative Strength Index also moved to about 37 from below 30 on Friday, indicating it had left oversold territory.
At a glance
- Spot gold climbed 2.1% to $3,957.19 per ounce.
- Oil prices dropped more than 6% on Monday.
- Traders priced a 77% chance of a December Federal Reserve rate hike.
Originally reported by Business Recorder
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