Gold jumps to 5-week high, approaching $1700

Gold price creeps higher amid the lack of US economic data as investors observe the results of the US mid-term elections and October’s CPI. Treasury yields are lower on the day, while expectations for a 50 bps rate hike by the Fed stood above 50%.

Gold price is subdued as the US session begins, extending its gains due to a bid US Dollar as midterm elections in the United States increased risk appetite while rising US Treasury yields are a headwind for the precious metals segment.

Market sentiment is mixed, as US equities fluctuate at the New York open. The lack of meaningful economic data, aside from the US midterm elections, with the US House and the Senate at stake, is grabbing the headlines. Also, October inflation figures of the United States, to be released on Thursday, would be the barometer for investors of what the Federal Reserve would decide in the December meeting.