Global marketsUpdated November 4

Gold rises as much as 2.1%, topping $4,000 an ounce.

Early election results pointed to a Democratic lead, as the dollar and Treasury yields fell. Gold rose by as much as 2.1%, topping $4,000 an ounce and erasing a modest loss from the previous session. The initial market read linked the results to lower expectations for Trump’s deficit-expanding agenda. Traders are weighing whether the Democrats’ strong showing could constrain his fiscal plans and curb expectations for more government spending. The price move came with Washington’s spending outlook attached.

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Coverage started November 4