Baku:Gold prices experienced a significant increase of more than 2% on Wednesday, driven by a weaker US dollar. This development comes in the wake of significant victories for the Democrats in the US midterm elections.

According to Qatar News Agency, spot gold prices rose by 2.2%, reaching $4,016.01 per ounce. Concurrently, US gold futures for December delivery also saw an increase of 2.2%, rising to $4,026.90.

The global stock markets showed a downward trend, and the US dollar fell to a one-month low following the Democrats’ decisive win in the elections. Investors are now turning their attention to the upcoming non-farm payrolls data, scheduled for release on Friday, as they seek further indications of the Federal Reserve’s future policy direction.

In addition to gold, other metals also saw gains. Spot silver increased by 3.8% to $51.67, platinum rose by 2.8% to $1,445.71, and palladium climbed 3.8% to $969.49.