Gold Hits More Than Two-Week High as Dollar and Treasury Yields Slip After US Midterms

Gold prices extended gains to a more than two-week high on Thursday as the U.S. dollar and Treasury yields slipped after the midterm elections. Markets price over an 80% chance of a Fed rate increase in December, and traders await Friday's payrolls report.

Gold prices extended gains to a more than two-week high on Thursday as the U.S. dollar and Treasury yields slipped following the U.S. midterm elections. The rise was supported by a weaker US dollar and lower US Treasury yields after a Democratic midterm election wave.

According to CME FedWatch, markets price more than an 80% probability that the Fed will raise borrowing costs in December. Market participants await the US nonfarm payrolls report on Friday to gauge the Federal Reserve's monetary policy outlook.