Gold surpassed the $4,000 mark and returned to positive territory after Democrats secured a majority in the United States Congress, moving counter to a weakening dollar.

The precious metal gained 2.62% to reach $4,032 per ounce, marking its largest intraday jump since August. Gold had shed nearly 7% during October alone, slipping below the $4,000 threshold before recovering that level.

Silver also traded higher, advancing 4.14% to $51.86 per ounce and posting a positive performance from the previous session. Despite the rally, silver remains down more than 27% since the start of the year.

“Gold is gaining momentum as markets assess whether a strong Democratic performance could constrain Donald Trump’s fiscal agenda and temper expectations of further budgetary expansion,” said Christopher Wong, strategist at Oversea-Chinese Banking Corp.

Gold has exhibited signs of volatility throughout the week. Signals of a rapprochement between the United States and Iran over a potential peace agreement also injected renewed positive sentiment among investors.