Gold rises from one-year low on softer oil prices; U.S. midterms in focus - CNBC

AI desk brief

Gold rebounded 1.8% to $3,943.62/oz after Friday’s selloff to a one-year low, helped by an 8% slide in oil prices that eased inflation concerns and a slightly softer dollar. U.S. December hike odds eased to about 75% from 80% a week ago, while the market also tracked technical oversold conditions as gold’s 14-day RSI recovered to around 37 from below 30.

Silver rose 2.9% to $50.54/oz, platinum gained 1.3% to $1,449.70, and palladium fell 1.1% to $965.91. Traders are watching the U.S. midterm elections for any shift in fiscal, geopolitical or risk sentiment, though Julius Baer said deficits should persist regardless of the outcome, leaving the debt and interest burden supportive for gold over the longer term.