Spot gold rose 2.64% to $4,031.98 an ounce by 3:37 a.m. ET on Wednesday as the dollar fell after Democrats won control of Congress. CNBC said spot silver jumped 4.17% to $51.8495. Front-month gold futures were up 2.53% at $4,039.90, and silver futures were up 4.21% at $51.85. Platinum rose 2.82% to $1,455.96. Palladium was 3.8% higher at $969.33. An earlier Reuters print had spot gold up 2.4% at $4,021.68 by 07:18 GMT, with December futures at $4,031.20 and silver up 4% at $51.74. Tuesday's desk had gold near $3,921 and silver at $49.23, in yesterday's commodities note.
Brent rises to $104.42 as US crude stocks drop
Brent futures rose 82 cents, or 0.8%, to $104.42 a barrel at 05:10 GMT, CNBC reported. West Texas Intermediate gained 50 cents, or 0.5%, to $96.59. Brent had settled Tuesday at its lowest in nearly four weeks. A later Reuters line, in a dollar story, put crude near $103.75 after Tuesday's drop of about 1%. The American Petroleum Institute, via market sources cited by CNBC, said US crude stocks fell 5.27 million barrels in the week ended 30 October. Analysts polled by Reuters had expected a rise of about 880,000 barrels. Gasoline stocks rose 1.43 million barrels. Distillate stocks fell 1.19 million. Official Energy Information Administration figures are due at 10:30 a.m. Eastern on Wednesday.
A weaker dollar meets a Fed that can still hike
CNBC said gold is down more than 7% in 2026 and silver almost 28%, after 2025 gains of 66% and 135%. Spot gold is on course for a weekly rise of about 3.7%. Rhona O'Connell of StoneX wrote that Democratic control of both chambers should support gold if rates and the dollar ease, while the Iran war and a hawkish Fed pull the other way. Daniela Hathorn of Capital.com said the recovery is fragile, because tight policy can cancel a geopolitical bid and metals can be sold when equities drop. A US official said Tuesday's strikes on Iran's Qeshm island looked limited. A senior Iranian official told Reuters that a deal to end the war is still far off. Trump told the Financial Times the United States had no immediate plan to strike Iran. The dollar index at 101.41 is in today's economy note. Bitcoin near $78,300 is in the market note. Compare gold and oil on the commodities desk.