Dollar weakens, gold surges: Markets fear midterm election results

Gold and silver prices surge 2% and 4% respectively amid US midterm election results, with Democratic control of Congress emerging. The dollar weakens 0.3% against a currency basket, and Wall Street futures decline. Analysts warn the recovery is fragile due to restrictive monetary policy.

Gold and silver prices are surging this morning (Wednesday) by 2% and 4% respectively, alongside a weakening of the US dollar in global markets. The sharp fluctuations come amid the results of the US midterm elections, where the Democratic Party appears poised to gain control of Congress. This development creates uncertainty among investors, who are flocking to assets considered 'safe havens,' led by precious metals. Gold rose to $4,005 per ounce, silver traded around $51.68 per ounce, and platinum jumped 3.3%. Meanwhile, futures on Wall Street stock indices recorded declines, and the dollar index lost about 0.3% of its value. The current surge follows a difficult year for precious metals investors: during 2026, the price of gold fell more than 7% and silver plunged about 28%, due to the Federal Reserve's interest rate hikes. Analysts warn that the recovery may be fragile, as the fight against inflation still weighs on metal prices in the long term.