Gold miners rise as Democrats sweep US midterms
GLD•US-listed gold miners rose premarket as spot gold gained 3.02%, while the dollar weakened after Democrats won control of both chambers of Congress. Barrick and Newmont each climbed more than 5%.
1. Miners gain premarket
US-listed gold miners rose premarket alongside a 3.02% gain in spot gold. Barrick and Newmont each climbed more than 5%, while Agnico Eagle Mines rose 5% and Kinross Gold gained 6.8%.
2. Dollar and gold
The dollar fell to a one-month low after Democrats won control of both the Senate and House in the midterm elections. An XM analyst said the dollar’s retreat, lower Treasury yields, reduced expectations for Federal Reserve rate hikes and risk aversion on Wall Street increased gold’s appeal. Spot gold was down 6.3% so far this year.
