According to Jin10, Saxo Bank Head of Commodity Strategy Ole S. Hansen said precious metals were the biggest winners among asset classes after Democrats won a sweeping victory in the U.S. midterm elections. Gold and silver prices rose as the dollar weakened and U.S. Treasury yields fell. Gold had been in a sharp downtrend since reaching a high near $5,600 per ounce in late January, but Hansen said it may now begin to challenge that trend. After dipping below $4,000 per ounce in October, gold had recovered that level overnight and was trading at $4,043 per ounce, up nearly 3%. Hansen said short covering could further strengthen gold’s upward momentum. He said that if markets believe Democrats will limit U.S. President Donald Trump’s ability to further expand fiscal spending, lower Treasury yields would increase the appeal of non-yielding assets such as gold. Silver rose about 4% to $52 per ounce, while copper had risen only slightly. Hansen said constraints on Trump’s policy actions had reduced the likelihood of the United States imposing tariffs on copper imports.