(Kitco News) – Gold prices staged a strong recovery during a volatile week, as an early rebound from last week's sharp selloff gained momentum following the Democratic sweep of Congress in Tuesday's midterm elections, before a technology-led equity rout and stronger-than-expected U.S. payrolls ate into the precious metal's gains.

(Kitco News) – The incoming Democratic Congress will have no choice but to embrace the AI buildout if they want the revenue to fund their spending priorities – and that spending will likely weaken the dollar and boost gold, according to Kevin Grady, president of Phoenix Futures and Options.Grady said he was surprised to see the market’s initial reaction to the midterm results.

(Kitco News) – The results of the midterm elections were decisive, but the future path of the dollar and gold still remains largely in the hands of the Federal Reserve and the President, according to John Weyer, co-director of commercial hedging at Walsh Trading.Weyer said that while the election removes some uncertainty from the market, it has no impact on the Federal Reserve, and precious metals traders will have to wait and see what the central bank does in December.