How U.S. elections impact gold
Elections decide who sets taxes, spending and trade policy, which can move the dollar and interest rates and, through them, gold.
Across the 13 midterms in the record, gold's monthly average was up a median 4.4% three months after the November vote and 15.0% twelve months after.
Across the 14 presidential elections, the medians were −2.4% at three months and +3.7% at twelve.
The spread from one election to the next is wide, and each sat inside its own economy, so the vote alone does not explain the move.
An explainer from the chart's Learn library. What the record did, not a forecast.
Updated Oct 2026 · record through Oct 2026