Gold stays above $3,900, ahead of US midterm results
MG News | November 03, 2026 at 01:03 PM GMT+05:00
November 03, 2026 (MLN): Gold
prices were steady on Tuesday, as investors waited for the outcome of the US midterm
elections later in the day.
Currently, spot gold is up
0.84% to $3,907.65 an ounce as of [01:00 pm] PST, according to data reported by
Mettis Global.
On the geopolitical front,
Tehran said on Monday that contacts between Iran and the US to end their
eight-month war were continuing.
This came after several
days of talks between Iran and Qatari mediators ended with revised proposals
but no breakthrough. Oil prices dropped over 7% on Monday, according to CNBC.
Higher energy prices
strengthen expectations that the US Federal Reserve will keep interest rates
elevated for longer, which raises the opportunity cost of holding non-yielding
bullion.
According to CME’s
FedWatch tool, traders currently see a 74% chance of a rate hike by the Fed in
December.
Among other metals, spot
silver fell 1.8% to $49.71 per ounce, platinum slipped 0.2% to $1,446.80, and
palladium lost 1.4% to $953.64.
Copyright Mettis Link News
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