India, Nov. 4 -- Gold and silver prices jumped on Wednesday morning as the US dollar weakened following the 2026 US midterm election results. Other precious metals, including platinum and palladium, also recorded strong gains.

Spot gold climbed 2.64% to $4,031.98 per ounce by 3:37 am ET. Meanwhile, spot silver jumped 4.17% to $51.8495 per ounce, according to CNBC market data.

Gold and silver futures also traded higher:

Other precious metals also recorded gains during Wednesday's trading session.

The gains came as votes were still being counted in the US midterm elections. Democrats were projected to win control of the House of Representatives, while several governors' offices also turned blue.

The election results also affected other...