Spot gold rose about 3% intraday to $4,048/oz. Spot silver climbed 4.4% to $52/oz. Spot palladium gained 5.44% and spot platinum rose 3.3%.

Neil Shearing, chief economist at Capital Economics, says a Democratic sweep of both chambers in the US midterms could raise geopolitical risk. The result may prompt President Trump to assert authority and seek a foreign-policy legacy, increasing the likelihood of moves in the Middle East/Iran and on Russia‑Ukraine. Shearing adds congressional probes are likely to constrain his domestic agenda, increasing the incentive to pivot to foreign affairs; midterm losses may limit domestic policy but would not substantially curb his ability to shape US foreign policy. The risk is that Trump’s final two years become a period of heightened geopolitical uncertainty.

BMW plans to leverage momentum from its workforce restructuring to accelerate and broaden organizational and process adjustments.