Gold rises as investors evaluate the outcome of the US election

(Reuters) – Gold surpassed its lows of one week on Wednesday, as investors sought market volatility and uncertainty surrounding the mid-term election results.

At 6:25 am GMT, the spot gold price was up 0.2% to $ 1228.52 an ounce after hitting its lowest level since Nov. 1 at $ 1222.90 earlier in the session.

US gold futures rose 0.3% to 1229.5 dollars an ounce.

"The specter of a democratically controlled House of Representatives predicts that we will see some risk aversion in the market, which will likely benefit gold," said Daniel Haines, an analyst at ANZ.

Democrats used their dissatisfaction with President Trump's performance to take control of the US House of Representatives.

This victory puts Republican Republicans in a bind when they are trying to pass laws before the House of Congress, casting doubt on Trump's main economic proposals.

Silver gained 0.3% in spot prices at $ 14.57 an ounce, while palladium fell 0.1% to $ 1114.49.

Platinum rose 0.5% to 871.5 dollars an ounce. In the previous session, the metal had reached its highest level since June 25, with $ 875.70.