Gold Jumps 2 Percent to Rise Above $4,100
Gold surged to its highest level since October, driven by a weaker dollar and inflation concerns
Translated by Qiyas from الراي — Original source
Reuters – Gold prices continued their rise following the results of the US midterm congressional elections, reaching their highest level in more than two weeks yesterday amid a decline in the US dollar and Treasury yields, as inflation fears eased thanks to falling oil prices.
Spot gold rose 1.9 percent to $4,134.82 per ounce, its highest level since October 20, while US December gold futures climbed 1.8 percent to $4,145.10.
Ole Hansen, commodities strategist at Saxo Bank, said: “Precious metals have become among the biggest winners after the US elections. The strong combination of falling energy prices, declining inflation and interest rate concerns, and lower bond yields and dollar strength forced speculators to cover their positions.”
