Gold price crashes on Election Day, Silver drops: Will Gold rate fall further after US midterm elections 2 - The Economic Times

AI desk brief

Gold fell 1.1% to $3,903.48/oz and Dec futures dropped 1.4% to $3,913.80/oz as traders booked profits into the US election and ahead of key labor data; silver slid 3.3% to $48.96/oz, platinum lost 1.9% to $1,421.43 and palladium fell 3.1% to $939.41. The move is being tied to firmer oil prices, which lift inflation expectations and keep rate expectations elevated — CME FedWatch shows a 76% chance of a December Fed hike, a negative for non-yielding gold.