Phillip Nova analyst Priyanka Sachdeva said investors are cautiously awaiting US
midterm results; spot gold has been under pressure, briefly sliding to $3,900/oz
before a minor rebound. The key market question is whether election outcomes
will materially shift the macro outlook and prompt a sustained gold reversal or
merely add to existing volatility. A retreat in oil has eased some inflation
concerns, but elevated US Treasury yields, a relatively firm dollar and
persistent expectations of further Fed tightening are constraining gold gains.
Sachdeva said some investors may step in as results clarify, but many are likely
to remain sidelined until Treasury yields, the dollar and risk sentiment are
clearer.
