Gold climbs to $4,113 as dollar, Treasury yields slip

Spot gold gained 4.81% to $4,112.98 an ounce by 10:49 am PST on Thursday, Mettis Global reported. The advance followed a weaker US dollar and falling Treasury yields after Democrats’ victory in the US midterm elections. The dollar’s decline came as the election result eased a source of uncertainty and global equities rallied.

A softer dollar makes bullion priced in US currency less expensive for buyers using other currencies, while lower yields reduce the relative cost of holding gold. Investors are watching Friday’s US jobs report: markets price an 82% chance of a Federal Reserve rate increase in December, according to CME’s FedWatch tool. Citi set a 0-3 month gold target of $4,500, while silver rose 1.7%, platinum added 2.1% and palladium climbed 2.6%.