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Gold Rebounds From One-week Low As Dollar Drops

Wed, 7th Nov 2018 11:25

WASHINGTON (Alliance News) - Gold prices rebounded from a one-week low on Wednesday and the US dollar retreated as investors weighed the fallout from the US midterm elections.

Spot gold rose by 0.83% to USD1,233.95 per ounce, after having touched its lowest level since Nov. 1 at USD1,222.90 earlier in the session. US gold futures were up 0.95% at USD1,235.40 per ounce.

Democrats took control of the House of Representatives in the midterm elections, dealing a serious blow to President Donald Trump's agenda to push for further tax cuts.

The victory will allow Democrats to block Trump's pro-business agenda and launch a string of investigations into his administration.

However, Republicans have retained control of the Senate, empowering Trump to appoint more conservative federal judges and agency officials amid Special Counsel Robert Mueller's investigation of Russian election-meddling in 2016 and possible obstruction of justice.

The outcome brings about political deadlock and uncertainty, which would be good for gold prices.

Traders also await the outcome of a two-day meeting of the Federal Reserve to gauge the outlook for US monetary policy.

Copyright RTT News/dpa-AFX

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