Gold reclaims $4,000 as dollar slides to five-week low

Gold prices surged nearly 3% in Wednesday?s Asian trade, reclaiming the $4,000 per ounce mark as a weaker US dollar and declining Treasury yields lent fresh support to bullion. The dollar index slipped towards 101, touching a five-week low, as investors assessed early US midterm election results and the possibility of Democrats gaining control of both chambers of Congress, potentially paving the way for political gridlock and curbs on government spending. Geopolitical uncertainty also remained in focus, with markets watching for signs of renewed US military action against Iran amid stalled diplomatic efforts. On the MCX, December gold futures advanced 2.4% to ₹1,42,957 per 10 grams, while silver futures hovered near ₹1,90,000 per kg. Attention now turns to the US jobs report due later this week for fresh clues on labour-market conditions and the Federal Reserve?s policy outlook.

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