Democrat Biden has emerged victorious in the US election but it seems republicans still have control of the Senate.
Republicans retaining the control of the Senate may lead to a small stimulus package.
According to Daniel Hynes, ANZ analyst, the economy is being shaped by the pandemic. Low-interest rates and weaker US dollars will last for a while, thereby, gold performing relatively well.
On the technical front, spot gold may rise to $1,975, having cleared resistance at $1,951, according to Reuters technical analyst Wang Tao. Silver rose 0.9% to $25.81 per ounce. Platinum gained 1.4% to $901.42, while palladium fell 0.7% to $2,474.34.