Gold Extends Gains To Two-week High
(RTTNews) - Gold prices extended gains to hit a more than two-week high on Thursday as the U.S. dollar and Treasury yields slipped following the U.S. midterm elections. A sharp retreat in oil prices also helped ease inflation and rate hike concerns.
Brent crude futures were up around 1 percent in European trade, after having slumped nearly 9 percent to hit a two-month low on Wednesday.
Spot gold jumped 1.6 percent to $4,124.84 an ounce after rallying 3.4 percent on Wednesday, the biggest jump since August on hopes that the U.S.-Iran war could end soon. U.S. gold futures were up 1.5 percent at $4,132.97.
The dollar slid to the lowest in more than a month in the aftermath of an overwhelming victory by Democrats in the midterm elections.
Treasury yields continued to fall across the curve as Democrats' sweeping victory along with diplomatic signals from Washington and Tehran helped strip the risk premium out of crude.
The two-year U.S. Treasury yield fell to a two-month low ahead of upcoming labor market data due this week.
After U.S. Democrats scored wins in Republican strongholds for the first time in generations, investors are mulling what a divided government will mean for the war with Iran, President Trump's policy agenda and the AI trade.
President Donald Trump said he was "absolutely willing" to accept the results of the midterm elections and work with Democrats to address political issues.
The Democratic-controlled Congress takes office on January 3,2007 and until then the current Congress keeps working.
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