The gold price has fallen again this morning to a new four year low as a strengthening U.S. dollar drives investors away from gold.

The U.S. dollar is now trading at a 7 year high against the Japanese Yen after the Republicans won control of the US Senate in yesterday’s midterm elections.

Political analysts hope the victory will unlock the political stalemate in Washington which in turn should boost risker assets such as equities at the expense of gold.

The falling gold price has caused a surge in demand for bars and coins in both North America and Europe. Here at Bullionbypost we have experienced our busiest week in 2014. The world’s largest gold backed exchange traded fund, The SPDR Gold Trust, confirmed its holdings have fallen to a new six year low.

Gold is currently trading at £719.74 per ounce, silver £9.67 per ounce, platinum £753.63 per ounce and palladium £504.98 per ounce. The gold silver ratio currently stands at 74.53.