Gold Climbs As Dollar And Bond Yields Dip On The Democrat Midterms Victory
(RTTNews) - Gold prices jumped nearly 3 percent on Wednesday, driven by a softer dollar and lower Treasury yields after Democrats took control of both houses of Congress in a dramatic win in the U.S. midterm elections. Softer oil prices also helped ease inflation concerns.
Spot gold soared 2.9 percent to $4,043.97 an ounce while U.S. gold futures were up 2.9 percent at $4,053.85.
The U.S. dollar dropped against all of its Group-of-10 peers while bond yields declined as a commanding "blue wave" forced traders to rethink President Trump's remaining policy agenda and the political trajectory into 2028.
It is feared that Democrats' control of both chambers of Congress will result in tighter regulations and a closer scrutiny of the tech-heavy sectors, including artificial intelligence companies.
A crushing defeat for Trump in the midterm elections also opened the door to legislative deadlock.
In geopolitical news, Trump told Fox News on Tuesday that he is "not looking to kill lots of people" in Iran following the midterm elections, but warned Washington would act decisively if needed.
Brent crude futures fell over 8 percent so far this week as traders watch for any breakthrough in the latest Middle East diplomatic moves.
Qatar said it saw hope for an interim deal as both the U.S. and Iran evaluate new proposals put forward by mediators, despite fresh U.S. strikes and continued threats to shipping through Hormuz.
However, Iran's national security chief indicated in a social media post that Washington's response to Iran's demands for reopening the Strait of Hormuz and resuming peace talks was insufficient.
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