Gold, oil, other commodities rise on Election Day

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The price of gold surged Tuesday as voters cast ballots.

Gold for December delivery increased $31.80, or 2 percent, to finish at $1,715 per ounce, its second consecutive day of gains. Oil jumped 3.6 percent and other commodities ended mostly higher.

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

Once the election is settled, traders will shift their focus to a package of tax increases and spending cuts known as the "fiscal cliff" that will take effect unless Congress acts by Jan. 1. The European Central Bank also meets on Thursday.

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