Gold price hits 4-week high with elections, inflation data in focus. gold inflation elections
Data on Friday showed the US unemployment rate in October rose to 3.7%, raising hopes the Fed would shift to less aggressive interest rate hikes andInvestors will now keep a close watch on the inflation print on Thursday, and also Tuesday’s midterm elections.
Evidence of persistently elevated inflation that heralds more incoming rate hikes is likely to unwind some of gold’s recent gains, Tan said, adding that gold should catch a strong bid along with other safe havens if election results are unclear.
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