Silver gained 4.4% to $51.99 per troy ounce in a Reuters snapshot at 4:28 a.m. EST Wednesday, as the dollar and Treasury yields weakened while markets assessed the U.S. midterm outcome.
Reuters and The Associated Press reported that Democrats won control of both chambers in the Nov. 3 midterm elections. Reuters said investors were considering possible political gridlock and tighter regulation of artificial intelligence.
FXStreet’s earlier update at 2:22 a.m. EST (07:22 UTC) put silver at $51.85 per troy ounce, almost 4% higher. Kitco showed a spot bid of $51.93 at 5:41 a.m. EST, up $2.25 on the day. The providers’ snapshots came at different times, a distinction also noted in an earlier EconoTimes comparison of silver prices from different providers.
FXStreet cited dollar weakness and lower interest rates as factors that can support silver’s appeal. The metal is quoted in U.S. dollars and does not pay interest.
The U.S. Bureau of Labor Statistics (BLS) has set its October Employment Situation report for Nov. 6 at 8:30 a.m. EST.
