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Gold and silver rallied after the US midterm elections gave Democrats control of both the House and Senate. Treasury yields fell and the dollar dropped to its weakest level in a month against major peers.
Traders are weighing the political reaction against upcoming nonfarm payrolls data.
Lower Treasury yields and a weaker dollar reduce the cost of holding dollar-priced assets and can support commodity prices broadly. Fed rate-hike expectations from the jobs data could reverse this move.
stonex.comFiona CincottaNov 5, 2026After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
