Gold and Silver Rise as Dollar Weakens After Democrats’ Projected Gains

Gold and silver prices rose in trading on Nov. 4 as the dollar weakened and the 10-year Treasury yield fell after projections pointed to Democratic control of Congress, tying the metals’ gains to the changing U.S. political outlook.

Spot gold climbed 3.4% to $4,061.30 per ounce, while spot silver gained 5.1% to $52.29. Front-month gold futures settled at $4,073 per ounce, up 3.4%; silver futures ended at $52.28, up 5.1%. Silver’s spot-price gain exceeded gold’s, and the gold quote topped $4,000 per ounce during the session.

The U.S. dollar index touched a one-month low on Nov. 4. The Treasury’s 10-year par yield was 4.90% that day, down from 4.95% on Nov. 3, a decline of 0.05 percentage points.

Democratic control of the Senate was projected at 11:36 p.m. ET on Nov. 3, followed by the House at 1:24 a.m. ET on Nov. 4. Those calls described projected control, not final state-certified results. The metals’ gains came during the initial post-election period, alongside declines in the dollar and Treasury yields.