Gold miners rise as Democrats sweep US midterms

Barrick Mining

Wed 09:45

** US-listed shares of gold miners rise premarket, with spot gold rising 3%
** Spot gold XAU= up 3.02% at $4,46.90/oz, bolstered by a weaker US dollar after Democrats seized control of both the Senate and House in US midterm elections GOL/
** Top miners Barrick B.N and Newmont NEM.N each climb over 5%
** Agnico Eagle Mines AEM.N and Kinross Gold KGC.N up 5% and 6.8% respectively 
** Dollar hits a one-month low as Democrats scored a decisive win in the US midterm elections, fuelling fears the Democratic sweep could disrupt the data-centre buildout that has powered the AI trade and hurt tech spending
** "Gold celebrated the Democrats' victory...the retreat in the dollar and Treasury yields, the reduced Fed hike bets, and the risk aversion on Wall Street, increased gold's appeal" - Charalampos Pissouros, senior market analyst at XM
** Spot gold down 6.3% so far this year

 (Reporting by Arunima Kumar in Bengaluru)
 ((Arunima.Kumar@thomsonreuters.com;))