According to Khabaronline news agency, the price of gold per ounce for immediate delivery increased by 0.5% to 3931 dollars and 24 cents.
The price of gold per ounce in the American futures market for delivery in December also increased by 0.5% to $3958.
Chris Weston, head of research at Pepperstone, said: “The weakening of the dollar and the significant drop in US Treasury yields, both in nominal and real terms, are clearly supporting the price of gold.”
He added: In addition, the demand for safe assets against the possibility of more unpredictable and confrontational policies of the administration of Donald Trump, the President of the United States of America, has provided attractive conditions for gold buyers.
U.S. stock futures fell sharply on Wednesday, while U.S. Treasuries rose and the dollar fell. The developments came after Democrats scored victories in the Senate primaries, a major political blow to Donald Trump and the Republicans.
According to CME’s Fed Watch tool, traders estimate a 78 percent chance of a rate hike in December. Higher interest rates usually put downward pressure on gold prices because they increase the opportunity cost of holding gold without yield.
Markets are now awaiting the release of the US non-farm payrolls report due on Friday.
Matt Simpson, senior market analyst at StoneX Institute, said: “The $4,000 level is the gold price’s obvious resistance, and crossing either side of this range can determine the next significant move in the gold price.”
Demand for gold in India is likely to hit a six-year low in 2026 as high prices of the precious metal hit jewelry sales and dampened investment demand, the World Gold Council said on Tuesday, according to Reuters.
In the market of other precious metals, each ounce of silver decreased by 0.8% and reached 49 dollars and 38 cents. Each ounce of platinum decreased by 1.2% to $1,399 and 72 cents, and each ounce of palladium decreased by 0.2% to $932 and seven cents.
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