Gold Reclaims $4,000 as Democratic Midterm Election Sweep Weakens Dollar

Gold recovered above $4,000 per ounce on Wednesday as a weaker U.S. dollar and falling Treasury yields bolstered precious metals following the U.S. midterm elections. Projections confirmed Democrats secured control of both the House and Senate, triggering policy uncertainty and pressuring the U.S. Dollar Index down toward 101.30. Earlier in the session, spot gold rose nearly 2% to test $4,000 before trading near $3,955.060. Meanwhile, silver rallied nearly 4% to approximately $51.85. Precious metals gained additional structural support from central bank buying, with the World Gold Council reporting 321 tons of net third-quarter gold purchases.