Gold prices rose sharply on Wednesday, December 4, after the preliminary results of the US midterm elections were known and continued to rise on Thursday morning. December gold futures on the COMEX rose 5.47% for two days to a high of ₽4155.8 per ounce. Gold last traded above 4,150 an ounce on October 22. Gold rose as Democratic victories in Congress in the US midterm elections pushed down the dollar and Treasury yields, as the election results bolstered expectations that the Trump administration's tax plans and government spending could be limited, Bloomberg writes. Lower asset yields generally favor gold because it pays no interest, and a weaker dollar makes the precious metal more accessible to buyers in other currencies. Read more Gold prices rose above $4,150 following US midterm election results Data: TradingView.

Gold prices rose sharply on Wednesday, December 4, after the preliminary results of the US midterm elections were known and continued to rise on Thursday morning. December gold futures on the COMEX rose 5.47% for two days to a high of ₽4155.8 per ounce. Gold last traded above 4,150 an ounce on October 22. Gold rose as Democratic victories in Congress in the US midterm elections pushed down the dollar and Treasury yields, as the election results bolstered expectations that the Trump administration's tax plans and government spending could be limited, Bloomberg writes. Lower asset yields generally favor gold because it pays no interest, and a weaker dollar makes the precious metal more accessible to buyers in other currencies. Read more Gold prices rose above $4,150 following US midterm election results Data: TradingView.