U.S. Treasury may issue short-term cash management bills in late November.

美国媒体预计民主党夺回参议院重掌国会。（新华社）

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.