Gold gains 3% as dollar slides after Democratic midterm gains

On Wednesday, gold prices surged by 3%, reaching impressive new levels following the midterm elections, during which Democrats secured control of both the Senate and House. This political transformation, combined with a weaker dollar, heightened gold and precious metals demand. Investors are keenly watching for the upcoming US non-farm payrolls report, as rising interest rates and ongoing fiscal risk concerns continue to influence market sentiment.