Gold futures posted their first climb in four sessions on Wednesday, buoyed by a weaker dollar in the wake of midterm elections that will leave the U.S. with a divided Congress.“I view the results as supportive of a lower dollar and higher gold prices because the only thing that comes out of a gridlocked Congress is higher spending,” Brien Lundin, editor of Gold Newsletter, told MarketWatch.“That means even higher deficits and an even larger federal debt burden. With interest rates rising, the cost of servicing our debts will reach levels that are unmanageable without significant dollar depreciation,” he said. “I think smart money realizes this and is already betting against the greenback going forward.” December gold  rose $2.40, or 0.2%, to settle at $1,228.70 an ounce on Comex, with prices recouping a portion of the 0.5% loss they saw Tuesday. December silver added 6.9 cents, or 0.5%, to $14.569 an ounce, on the heels of a 1% decline a day earlier. Even in case of a surprising outcome, “we would not have expected a lasting impact on gold as historically, it did not provide a good hedge against political risk—unless broader consequences for the economy or financial markets arose,” said Carsten Menke, commodities research analyst at Julius Baer, in a note. (source:marketwatch)