Why is gold price rising today? Gold bounces back to $3,903 after dropping to one-year low - The Economic Times

AI desk brief

Gold rebounded 0.8% to $3,903.90/oz after a 3.5% selloff, with December COMEX futures up 0.4% to $3,913.20. The bounce was linked to a 2% drop in WTI toward $100, which eased inflation and rate-hike fears and helped bullion recover after falling below the key $4,000 level.

Near term, traders are focused on Fed commentary, the US-Iran conflict, the November 3 US midterm elections, and upcoming labor data including JOLTS, ADP and Friday’s NFP. The article notes prediction markets pricing a 68% chance of a Democratic sweep, which could weigh on the dollar via shutdown/debt-ceiling concerns, but some Fed officials still signaled the need for more hikes, limiting the upside case.