US share markets rose overnight, but the positive sentiment was not enough to lift gold. The yellow metal drifted lower, slipping below US$4,000 ($5,827) an ounce, although silver managed to gain 0.9%.
It was a quiet session for most resource sectors, with oil and copper largely steady. Markets have experienced considerable volatility recently, so a period of relative stability may be welcome.
Research house Porter & Co examined how gold performs following US midterm elections and Federal Reserve rate hikes. Its analysis found that, contrary to conventional wisdom, gold generally rose following these events since 1978.
Source: Porter & Co
Write to Callum Newman at Mining.com.au
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