Gold Rallies Nearly $75 After 11% Pre-Midterms Plunge; Silver Rebounds

AI desk brief

Gold rebounded almost $75/oz to around $3,948 in London after last week’s 11.0% pre-midterm slide, while silver recovered to $51.25/oz from an 11-month low of $49.13. BullionVault notes that gold has risen in the roughly eight weeks after each of the past four midterm elections, with post-vote gains ranging from 0.5% to 11.9%, though the pre-election path has no consistent pattern.

The article frames the move as position adjustment ahead of Tuesday’s US vote, with results likely to remain uncertain into Wednesday if key races are close. It also cites a bearish feedback loop in gold trading, with former WGC executive Jeff Toshima saying AI is making it easier for selling to cascade.