Gold prices rose by about 2% on Thursday, reaching their highest levels in two weeks, supported by a decline in the U.S. dollar and falling yields on U.S. Treasury bonds, following the results of the U.S. midterm elections.
Spot gold recorded an increase of 1.9% to reach $4134.83 per ounce, while U.S. futures rose by 1.8% to $4144.20, after gains of 3.4% during Wednesday's session, the largest since August 19.
This increase coincided with a decline in the dollar and a drop in the yield on 10-year U.S. Treasury bonds to 4.87%, as investors await U.S. jobs data on Friday, which could impact expectations for the path of interest rates.
In other precious metal markets, silver rose by 1.7% to $53.12 per ounce, platinum by 2.1% to $1527.65, while palladium recorded an increase of 2.6% to reach $1030.14 per ounce.