PRECIOUS METALS | Phillip Nova: Gold Remains Under Pressure as Investors Await U.S. Midterm Clarity

According to Jin10, Phillip Nova analyst Priyanka Sachdeva said investors were cautiously assessing U.S. midterm election developments as spot gold remained under pressure, briefly falling to $3,900 an ounce before edging higher. She said the key question was whether the election results would have enough impact on the broader macroeconomic environment to reverse gold's decline or add uncertainty to an already volatile investment climate. Falling oil prices have eased inflation concerns to some extent, but elevated U.S. Treasury yields, a relatively firm dollar, and expectations of further Federal Reserve monetary tightening continue to limit gold's rebound. Against a generally weak market backdrop, some investors may gradually enter as the election results become clearer, forming firmer buying demand. Until then, many may stay on the sidelines and wait for greater clarity on Treasury yields, the dollar's direction, and market risk sentiment before investing new funds.