Gold Shines as Dollar Slumps Following Democratic Gains in U.S. Elections
Qiyas summary
Gold prices rise as the dollar falls following Democratic victories in the U.S. midterm elections.
Translated by Qiyas from الجريدة — Original source
Gold prices rose 2 percent on Wednesday, supported by a decline in the US dollar to its lowest level in a month, after Democrats secured key victories in the US midterm elections, while investors awaited the release of non-farm payroll data later this week in search of clues about the trajectory of US monetary policy.
Global equities also fell, and the dollar declined on Wednesday after Democrats achieved a decisive win in the US midterm elections.
The dollar’s decline enhances the appeal of gold, which is priced in US dollars, and makes it less expensive for buyers holding other currencies.
