Gold and Silver Jump as Democrats Are Projected to Win House Control

Gold and silver climbed sharply Wednesday morning ET as election projections pointed to Democrats winning control of the House, while the dollar weakened amid a wider shift across U.S. markets.

Spot gold rose 3.4% to $4,061.30 an ounce, and spot silver gained 5.1% to $52.29 an ounce. Front-month gold futures added 3.4% to $4,073, while silver futures rose 5.1% to $52.28. Silver's percentage gain exceeded gold's.

The U.S. dollar index fell about 0.3%. U.S. stocks rallied as political risk eased, Treasury yields moved lower and oil prices declined. Vote counting continued, with Democrats projected to have won the House, while multiple governor races also favored Democrats.

The gains followed 2025 rallies of 66% for gold and 135% for silver. Both metals remained lower year to date despite Wednesday's gains: gold was down more than 6%, while silver had declined about 26%.