Dollar falls while gold and US Treasury bonds rally as markets react to Democrats’ midterm election victory – business live
The main theme today is the market reaction to the Democratic sweep in the United States midterm elections. That result has weighed on the dollar and lifted gold and US Treasury bonds. Equity futures turned positive after earlier declines, and stock markets here opened higher, with banks and clean energy names among the movers.
Precious metals posted strong gains as investors worked through the election outcome. Gold and silver both rose, and platinum rebounded on the weaker dollar. For silver, the next level in focus is 51 dollars and 63 cents, while platinum would need to clear 1,530 dollars to strengthen its recovery.
Treasury yields fell as investors moved into bonds for safety. The buying came as equity futures sold off after the Democratic victories. That safe haven flow has since eased, with Dow Jones futures up 0.4 percent to around 52,100. S and P 500 futures gained 0.15 percent and Nasdaq 100 futures rose 0.14 percent.
In currency markets, the British pound reached a fresh two month high against the Japanese yen ahead of the Bank of England decision on Thursday. The pair traded just below the mid 213 level. The yen kept moderate gains against the dollar but gave back almost half of what it took after the election news. The Canadian dollar also firmed against a broadly weaker US dollar, and the Australian dollar drew attention after the Reserve Bank raised its cash rate to 4.85 percent while softening its guidance on further tightening.
Oil held its losses, with West Texas Intermediate trading around 95 dollars a barrel. Crude had posted modest gains the previous day. Market caution could support prices, according to the material.
On the corporate side, AMD shares jumped 8 percent after better than expected third quarter results, helped by strong sales of AI chips and data center revenue that nearly doubled. Block rose 6 percent after hours as it raised its full year gross profit forecast to 12.63 billion dollars, which would be 22 percent growth. Canva announced major job cuts, with more than 1,000 staff set to lose their jobs or be asked to change roles. Google committed 15 billion dollars to expand its data centers in Malaysia.
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Dollar falls while gold and US Treasury bonds rally as markets react to Democrats’ midterm election victory – business live. Democrats’ capture of Congress raise expectations of tougher regulation of AI sector; US stock futures turn positive, reversing earlier declines.
The Reserve Bank of Australia raised its benchmark rate to 4.85% on rising technology costs from AI investment and higher energy prices.
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Platinum Price Forecast: Dollar Drop Fuels Rebound After US Midterms. Platinum rebounds on a weaker US dollar, but prices must clear $1,530 resistance to strengthen the recovery.
Compiled by the Borearis Research Team from public news and market quotes, with AI-assisted summaries. For information only, not investment advice. Trading involves risk.
