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TDUX
Nov 04 - 06:55 AM
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Gold - Miners Rise As Democrats Sweep US Midterms

By Arunima Kumar  —  Nov 04 - 04:46 AM

• US-listed shares of gold miners rise premarket, with spot gold rising 3%

• Spot gold up 3.02% at $4,46.90/oz, bolstered by a weaker US dollar after Democrats seized control of both the Senate and House in US midterm elections [GOL/]

• Top miners Barrick and Newmont each climb over 5%

• Agnico Eagle Mines and Kinross Gold up 5% and 6.8% respectively

• Dollar hits a one-month low as Democrats scored a decisive win in the US midterm elections, fuelling fears the Democratic sweep could disrupt the data-centre buildout that has powered the AI trade and hurt tech spending

• "Gold celebrated the Democrats' victory...the retreat in the dollar and Treasury yields, the reduced Fed hike bets, and the risk aversion on Wall Street, increased gold's appeal" - Charalampos Pissouros, senior market analyst at XM

• Spot gold down 6.3% so far this year

(Reporting by Arunima Kumar in Bengaluru)

Source:
London Stock Exchange Group | Thomson Reuters
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