Gold eases ahead of US midterm elections
Business Recorder • • 1 min read
Gold retreated on Tuesday as markets looked toward the US midterm vote, Business Recorder reported. Spot bullion was down 0.5% at $3,926.52 an ounce by 0353 GMT, following a gain of more than 2% in the prior session, when it reached $3,954.41. December US futures lost 0.8% to $3,936.30.
A fall of more than 7% in oil during Monday’s session had eased inflation worries and helped gold rebound from a one-year low recorded on Friday. However, traders were also weighing expectations for US interest rates: the market assigned a 74% probability to a December rate increase, according to CME’s FedWatch tool. Silver fell 1.8% to $49.71 an ounce, while platinum and palladium also slipped.
At a glance
- Spot gold fell 0.5% to $3,926.52 an ounce.
- US December gold futures declined 0.8% to $3,936.30.
- Traders priced in a 74% chance of a December rate increase.
Originally reported by Business Recorder
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