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Gold and Silver Climb After Vote
Spot gold jumped 3.4% to $4,061.30 an ounce, while silver rose 5.1% to $52.29. The dollar index slipped about 0.3% following the U.S. midterm elections. The gains coincided with expectations of Democratic gains and falling Treasury yields. An analyst at StoneX said that Democratic control of Congress could put pressure on the dollar and interest rates and increase uncertainty. However, the metals’ recovery remains fragile amid tight monetary policy and inflation concerns, after gold fell more than 6% and silver about 26% since the start of the year.
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