Gold rebounds to $3,930, faces pressure from US jobs data and upcoming midterms

Gold prices climbed on Monday, reaching an intraday peak of $3,930, driven by a retreat in crude oil values. The precious metal had recovered from last Friday’s low of $3,872, but analysts suggest the rally may be temporary as markets await key US economic and political developments. This week’s main event for gold investors is the US midterm elections, which will decide who controls the House of Representatives and the Senate. These elections have historically moved financial markets by influencing fiscal and trade policies. Most opinion polls and analysts anticipate a Democratic victory securing both chambers of Congress.

Source: CoinTurk News