08 November, 2018
Gold traded slightly lower on Thursday during the Asian session at 1225.12 as traders considered the midterm election results and decided for now at least that they should be broadly positive for stocks. Activity in gold was also subdued ahead of the release of the monthly Federal Reserve policy statement, due on Thursday after the central bank's meeting. While the Fed is not expected to raise rates until its December meeting, this month's policy statement will still give markets a read into how the central bank perceives the economy, inflation and labor market, which are key to higher rates. On the other hand, although the Greenback weakened after the election result it grew this morning by 0.18% against a basket of other currencies putting some pressure on the precious metal. Gold is calculated in dollars and when the value of the dollar goes up the precious metal tends to decline in value.