Gold miners shine after Democrats sweep US midterms

Barrick Mining

Wed 15:24

Updates
** Shares of gold miners rise with spot gold surging around 3%
** Spot gold XAU= up 2.7% at $4,034.53/oz, bolstered by a weaker US dollar after Democrats seize control of both the Senate and House in US midterm elections GOL/
** Top miners Barrick Mining ABX.TO and Newmont NEM.N jump 5% and 6%, respectively
** Royal Gold RGLD.O climbs 4.2% while AngloGold Ashanti AU.N rises 5.6%
** Canadian miners Kinross Gold K.TO and Agnico Eagle Mines AEM.TO jump 5.6% and 6.2%, respectively
** A sweeping victory by Democrats in the US midterm elections sent the dollar to a more than one-month low
** "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 6.6% so far this year

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