Gold, silver and precious metals prices jump, dollar dips as Democrats take control of Congress

Argor-Heraeus' CEO Robin Kolvenbach holds one kilo bars of silver and gold at the plant of refiner and bar manufacturer Argor-Heraeus in Mendrisio, Switzerland, July 13, 2022. Denis Balibouse | ReutersPrecious metals saw strong gains on Tuesday morning, while the value of the dollar fell, following the U.S. midterm elections. Spot gold was 2% higher at $4,005.40 an ounce by 1:30 a.m. ET, while spot silver jumped 4% to trade at $51.68 per ounce. Stock Chart IconStock chart iconSpot gold priceFront-month gold futures added 2.2% to trade at $4,020.60, while silver futures were up 3.8% at $51.53.Other metals seeing notable gains on Wednesday morning included platinum, which jumped 3.3% to trade at $1,462.20, and palladium, which was 3.8% higher at $969.33. The moves came as vote counting continued in the midterms, with the Democrats projected to have won control of the House and multiple governors' offices also turning blue. U.S. stock futures broadly fell as the results came in, while Treasury yields also moved lower. Oil prices were marginally higher, while the U.S. dollar index shed around 0.3%. Rhona O'Connell, head of market analysis for EMEA and Asia at StoneX, said in a note on ...