Analyst: Gold faces short-term pressure, midterm election results become key variable

1. Analyst Priyanka Sachdeva from Philip Nova stated that investors are cautiously assessing the progress of the US midterm elections. Spot gold remains under pressure, having dropped below $3,900 per ounce during several trading sessions in recent days before rebounding slightly. 2. She believes the key issue is whether the election results are significant enough to alter the overall macro environment and trigger a reversal in gold prices, or if they will simply add new uncertainties to an already volatile market. While the decline in oil prices has somewhat eased inflation concerns, persistently high US Treasury yields, a relatively strong dollar, and expectations for further tightening of Federal Reserve policy continue to restrict a gold price rebound. 3. She stated that, in a generally weak market environment, as the results of the midterm elections become clearer, some investors may gradually enter the market, forming a more solid buying force; prior to that, many investors may still prefer to wait and see, choosing to deploy new funds only after there is greater clarity on Treasury yields, the dollar trend, and overall risk sentiment.