- Precious metals rose after Democrats won US midterm elections on November 4
- Palladium increased 6%, trading near $990, leading the gains among metals
- Spot gold rose 2.78% to $4040, and spot silver gained 4.44% to $52.008
Precious metals gained on Wednesday, November 4 after Democrats win US midterm elections. Among the major precious metals, Palladium rose the most, up 6% trading at around $990. The rally went beyond both gold and silver, with Spot gold trading 2.78% higher at $4,040, while Spot silver remained 4.44% up at $52.008.
Palladium surged after Democrats secured control of both chambers of the US Congress, an outcome that had largely been anticipated, while Treasury yields fell and the dollar weakened as much as 0.6%, marking its highest decline in two months.
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Falling US Treasury yileds typically supports precious metals as it doesn't pay interest, while a weaker dollar makes the commodity more affordable for buyers in other currencies.
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The surge in Palladium come after its prices declined significantly as demand declined due to reduced use of catalytic converters as electric vehicle adoption grows, which has impacted its use in automobiles. However, the shift towards hybrid vehicles has given some support for palladium, along with platinum, and rhodium, easing the overall drop in the consumption of these metals. The demand for investment in precious metals continues to be strong, following a rally in 2025, according to reports.
For gold, the rebound marked the biggest break after months-long slump. The metal has come under pressure this year as a spike in energy prices caused by the US-Iran war spurred tighter monetary policy, sending both the US dollar and government borrowing costs higher. Bullion is down by roughly a quarter since the US-Iran conflict erupted in late February, and last week touched its lowest point in a year.
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