Published: Nov 06, 2012 3:49 PM EST
Updated: Nov 07, 2012 7:31 AM EST

Gold is surging as voters cast ballots in an extremely close U.S. presidential election.

Gold for December delivery increased 2 percent Tuesday to finish at $1,715 per ounce. Other commodities were mostly higher, including oil which ended up 3.6 percent.

Traders are 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 Federal Reserve's economic stimulus measures, which have benefited commodities.

Commodities also are being supported by a weaker dollar. Since commodities are priced in dollars, a weaker dollar makes them cheaper for traders who use other currencies like the euro.

In other trading, prices are higher for copper, silver, orange juice, wheat, corn and soybeans. Coffee and cotton are lower.