Gold prices rise as Democrats win Congress

Gold prices rose on Wednesday as Democrats won control of both chambers of Congress in the US midterm elections held Tuesday.

• Gold in spot trading rose 2.4% to $4,025.14 an ounce on Wednesday.
• Democrats won control of the Senate and House, taking seats in Iowa, South Carolina, North Carolina, Texas, and Ohio.
• Trump acknowledged defeat and pledged to cooperate with Democrats for the remainder of his term.
• Traders see a 78% probability of a Federal Reserve rate hike next month, according to CME FedWatch.