Precious metals rallied strongly on Tuesday morning while the U.S. dollar weakened following the midterm elections. Spot gold gained 2% to $4,005.40 an ounce, while spot silver rose 4% to $51.68 an ounce. Platinum jumped 3.3% to $1,462.20 an ounce, and palladium gained 3.8% to $969.33. As Democrats were projected to take control of the House of Representatives and several state governorships, Treasury yields fell and the U.S. dollar index shed around 0.3%. Despite record 2025 gains of 66% for gold and 135% for silver, the metals remain down more than 7% and almost 28%, respectively, year to date as inflation, rising bond yields and restrictive monetary policy weigh on their recovery.
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