Gold Surges 3%, Breaking $4,000 per Ounce After Democratic Gains

Gold prices rose by approximately 3% on Wednesday, supported by a decline in the US dollar following significant Democratic victories in the midterm elections, as investors await the release of non-farm payrolls data later this week for clues on the trajectory of US monetary policy.

Spot gold rose 2.96% to $4,046.06 per ounce by 9:15 GMT, while US December gold futures gained 2.64% to $4,044.50.

Oil prices fell by about 1% on Tuesday to their lowest level in nearly four weeks, as markets weighed talks aimed at ending the wars in Ukraine and Iran against concerns that the latest attacks in both conflicts could further disrupt supplies, according to Reuters.

In other precious metals, spot silver rose 4.09% to $51.79 per ounce, platinum increased 2.73% to $1,459.21, and palladium rose 0.5% to $938.49.