Gold hits a two-week high as dollar, Treasury yields ease after US midterm elections Reuters
Gold hits a two-week high as dollar, Treasury yields ease after US midterm elections - Reuters
In short
The conclusion of the voting cycle prompted a noticeable drop in the value of the greenback and returns on government debt. Because these competing assets weakened, gold prices climbed to their strongest level in a fortnight. This marks a clear turnaround for the safe-haven commodity following the resolution of the political contest.
Key points
- A softening American currency provided immediate upward momentum for precious metal asset…: A softening American currency provided immediate upward momentum for precious metal assets.
- Declining Treasury yields lowered the pressure on gold following the midterm elections.: Declining Treasury yields lowered the pressure on gold following the midterm elections.
- Bullion managed to break out of recent lower ranges as competing assets retreated.: Bullion managed to break out of recent lower ranges as competing assets retreated.