Gold prices witnessed a sharp rally during Thursday’s early Asian trading session, climbing above the important $4,050 level as investors reacted to the latest US midterm election results. The precious metal rose more than 3.60%, marking its strongest daily gain since mid-August.
Democrats Win Both US Senate and House: Market Reaction
Democrats Win Both US Senate and House: Democrats have secured control of both chambers of the US Congress, winning majorities in the Senate and the House of Representatives in Tuesday’s midterm elections. The victory marks a major political shift in Washington, ending Republican control of Congress.
Gold Prices Fall 1% as US PCE Inflation Lifts Fed Rate Hike Bets
Gold Prices Today: Gold (XAU/USD) extends its intraday decline on Thursday as the latest US Personal Consumption Expenditures (PCE) inflation data reinforce expectations of a Federal Reserve (Fed) rate hike in December after the US central bank held interest rates steady at its October meeting. At the time of writing, XAU/USD trades around $4,022, down 1.11% on the day.
Gold Holds Key Support Ahead of Fed Rate Decision
Gold (XAUUSD) price outlook: Gold prices are moving cautiously around the important $4,000 level as investors wait for the US Federal Reserve’s upcoming interest-rate decision. The precious metal has managed to stabilise for the third consecutive session after suffering a sharp decline last week. Gold fell more than 4% during the week, marking its biggest weekly loss in around four months and touching its lowest level since mid-July.
Fed Rate Decision October 2026: Hike or Hold?
Fed Rate Decision October 2026: The US Federal Reserve is widely expected to keep interest rates unchanged at its October 2026 policy meeting, according to Bloomberg and other market reports. However, persistent inflation has kept the possibility of another rate hike alive, particularly in December.