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Gold, Silver at 4-year Lows as Dollar Soars on Midterms

Strategist: ‘Why hold gold when it pays you nothing?’

by Shawn Langlois and Sue Chang, Market Watch:

Gold and silver prices fell sharply on Wednesday as the dollar soared in the wake of the U.S. midterm elections, and the market bemoaned the lack of Asian buyers.

Trading around four-year lows, gold for December delivery GCZ4, -2.01% shed $22, or 1.9%, to settle at $1,145.70 an ounce, marking its sixth straight loss.

December silver SIZ4, -3.81% stumbled 51 cents, or 3.2%, to $15.44 an ounce. It had earlier traded at $15.40 per troy ounce level, its cheapest since February 2010, said a Commerzbank analyst.

Buoyed by news that Republican Senate candidates won sweeping victories Tuesday, the dollar USDJPY, +0.99% reached a fresh seven-year high against the Japanese yen. In general, gold tends to move inversely to the U.S. dollar. The dollar index DXY, +0.50% rebounded on Wednesday, rising back above the key threshold of 87, which it fell below on Tuesday.

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