Gold spot briefly hit $3,900 per ounce (about 5.24 million won)...investors watching midterm elections

Spot gold briefly fell to $3,900 per ounce before paring losses, with the pullback driven by elevated U.S. Treasury yields and a firm dollar as investors awaited the U.S. midterm election results. Priyanka Sachdeva, an analyst at Phillip Nova, said market participants are cautiously monitoring the vote to gauge whether the outcome will shift the macroeconomic backdrop enough to reverse gold's direction or instead add uncertainty to an already volatile investment environment. Falling oil prices eased some inflation concerns, but high Treasury yields, relative dollar strength and expectations of further market tightening continued to cap the metal's rebound. The key question for traders is whether the election results prove decisive enough to move macro conditions and spark a gold turnaround, or deepen volatility instead.