Financial markets react to the Democrats’ victory in Congress / Gold and silver rise, while the dollar and tech stocks fall

International financial markets reacted on Wednesday to the Democratic Party’s victory in the legislative elections in the United States, with the party taking control of both chambers of Congress and potentially complicating President Donald Trump’s economic agenda.

Spot gold rose 2.97% to $4,044.90 per ounce, while silver gained 4.27% to $51.90. Platinum and palladium also posted significant increases. By contrast, the dollar weakened and U.S. Treasury yields fell amid uncertainty over Washington’s fiscal policy.

Futures contracts for the S&P 500 and Nasdaq fell 0.5% and 0.8%, respectively. Investors fear that the new Democratic majority will intensify oversight of the artificial intelligence sector, banks and the cryptocurrency market. Bitcoin temporarily fell 2.79%, while ether dropped 1.9%, before recovering part of their losses.

Analysts believe data center development projects and investments in artificial intelligence could be slowed, particularly in states such as Texas and Georgia. Pressure was also felt in Asian markets, where Kioxia and SoftBank shares fell sharply, while Chinese semiconductor companies advanced.

However, Democrats do not hold the two-thirds majority needed to override presidential vetoes, which could lead to legislative gridlock and tense negotiations over the budget and public debt. Trump retains significant powers over trade and foreign policy, including the ability to impose certain tariffs.