News Summary: Commodities higher on Election Day

News Summary: Gold, oil surge; other commodities rise as ballots cast in presidential election

Associated Press

GOLDEN GAINS: Gold rose 2 percent to finish at $1,715 per ounce as voters cast ballots in the presidential election. Other commodities also rose, including copper, oil, grains and soybeans.

ELECTION WATCHERS: Many traders were waiting for the results of the hard-fought race between President Barack Obama and Mitt Romney. Analysts say the outcome could determine the future course of the Federal Reserve's economic stimulus measures, which have benefited commodities.

DOLLAR'S IMPACT: A weaker dollar supported commodities. Since commodities are priced in dollars, a weaker dollar makes them cheaper for traders who use other currencies, like the euro.

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