Photo: Szaaman (public domain).
Gold prices surged more than 3% Wednesday as the dollar slipped following Democrats’ sweep of Congress, with December gold futures at $4,072.80 an ounce, up $132.40, as of 3:06 p.m. Eastern, according to CNBC market data.
Spot prices for gold, silver and other precious metals jumped as projections pointed to major Democratic victories in the midterm elections, CNBC reported. Gold and silver both posted record-breaking rallies last year, surging 66% and 135% respectively.
A weaker dollar makes dollar-priced metals cheaper for overseas buyers, and political transitions typically feed demand for assets investors treat as stores of value.
For consumers, the move flows through to jewelry and bullion prices within days; for investors, Wednesday’s jump extends one of the strongest multi-year runs in the metal’s history.
JBizNews Desk | New York
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