According to CoinMeta, after the Democratic Party won key elections in the U.S. midterms, the weakening of the dollar provided support for gold prices, with spot gold rising by more than 2% on Wednesday. Investors are awaiting the U.S. non-farm payroll data to be released later this week in search of clues about the future policy path of the Federal Reserve. Chris Weston, head of research at pepperstone, said that the weakening dollar, combined with a significant decline in both nominal and real Treasury yields, clearly provided support for gold prices. Investors are looking to hedge against the risks associated with a Trump administration that may become more unpredictable and confrontational, and this risk aversion seems to have created a favorable market environment for gold buyers.