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Gold gains after midterms
Gold prices rose about 2% in early trading on Thursday, with spot gold reaching $4,134.83 an ounce—its highest level in two weeks—before retreating to $4,124.10. The metal had gained 3.4% on Wednesday. Gold was supported by a 0.3% decline in the dollar to 101.13 points and a drop in the yield on 10-year U.S. Treasury bonds to 4.87%. Investors are awaiting Friday’s U.S. jobs report, while market expectations put the likelihood of an interest-rate hike in December at 82%—a move that could reduce the appeal of non-yielding gold.
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