The enthusiasm continues underneath

The upward momentum in gold prices continues in the new day. The ounce price of gold, which rose sharply on Wednesday as the dollar lost value after the midterm elections in the US, continued its gains this morning.

The ounce price of spot gold reached 4 thousand 139 dollars with an increase of 1.95 percent in the morning hours. Thus, the ounce price of gold continued its upward movement after the 3.4 percent increase the previous day. On the previous trading day, spot gold gained 3.4 percent in value and rose to 4 thousand 61 dollars.

Meanwhile, domestically, gram gold gained 1.95 percent in value and reached 6,654 lira.

DOLLAR INDEX DECREASED

The fact that Democrats won the majority in both the House of Representatives and the Senate in the US midterm elections gave rise to the expectation that political and economic policy disagreements between Congress and the Trump administration may increase. While it was evaluated that this situation could limit public expenditures and alleviate concerns about the US budget outlook, bond interest rates and the dollar declined.

While the decline in the dollar index made gold priced in dollars cheaper for investors using other currencies, the decline in US bond interest rates also reduced the cost of holding non-interest-bearing gold. Thus, the demand for gold strengthened after the election results.