Gold, Silver and Platinum Surge as Dollar Weakens and Oil Rallies

New York precious metal enjoyed across the board gains Tuesday as the U.S. dollar showed weakness. Silver, gold and platinum futures rose 3.9 percent, 4.2 percent and 3.7 percent, respectively. Oil surged upward 10.4 percent and above $70.

December crude-oil jumped $6.62 to close to $70.53 a barrel, and a two-week high.

December silver gained 38 cents to end at $10.13 an ounce.

January platinum climbed $30.60 to settle at $857.70 an ounce.

Gold for December surged $30.50 to close to $757.30 an ounce.

"Gold received a good number of ‘buy’ votes on this US Election Day, as a major profit-taking decline finally hit the US dollar, causing it to fall to 84.75 on the index," said senior analyst Jon Nadler at Kitco Bullion Dealers.

"Couple that drop with a massive rally in crude oil (rising over $6 to just above $70 per barrel) and the Nymex exit polls showed a very successful buying campaign in bullion," added Nadler.

Gold, considered a hedge during times of high inflation and economic uncertainty, tends to follow oil and move opposite to the U.S. dollar. A rising greenback makes dollar-denominated commodities, like bullion, more expensive for holders of other world currencies. When prices are falling and economic activities are shrinking, gold prices tend to move lower.

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