Gold prices rallied over 2.8% as early results from the U.S. midterm elections suggest a Democratic victory in both the House and Senate. This outcome has triggered a significant decline in the U.S. dollar and Treasury yields, which in turn has boosted the appeal of the precious metal. A weaker dollar makes gold less expensive for foreign buyers, while lower yields reduce the opportunity cost of holding the non-yielding asset. The prospect of political gridlock and economic uncertainty is also driving safe-haven demand for gold.