04-Nov-2024      14:47

Gold futures slip; Dollar weakens amid election jitters

Gold futures started the week with mild losses around $2740 per ounce, giving back some gains after a four-week winning streak driven by heightened demand for safe-haven assets. Last week saw gold reaching fresh highs, boosted by a softer U.S. dollar amid investor anxiety over the looming U.S. presidential election and upcoming Federal Reserve policy decision. The dollar index slid below 104 on Monday, reversing last session's gains as traders brace for election uncertainties and the Fed's next move. Market speculation around Trump's potential return to the White House had pushed the dollar and Treasury yields higher recently, with expectations of policy shifts on immigration, tax cuts, and tariffs that could drive inflation. Meanwhile, escalating tensions in the Middle East continue to enhance bullion's appeal as a safe-haven asset, keeping it on investors' radar.

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