Gold hits a two-week high as dollar, Treasury yields ease after US midterm elections

Gold advanced to its strongest level in two weeks on Thursday, with spot bullion up 1.9% at $4,134.83 an ounce by 0316 GMT, Business Recorder reported. The metal had gained about 3.4% in the previous session, while December US futures rose 1.8% to $4,144.20.

A softer US dollar and retreating Treasury yields helped lift gold after the US midterm election result, as dollar weakness makes the metal less costly for buyers using other currencies. The 10-year Treasury yield fell 6 basis points overnight and another basis point in early Tokyo trading to 4.87%; traders also await Friday’s US jobs report for clues on Federal Reserve policy. Silver, platinum and palladium also posted gains.