Traders are anticipating more stimulus packages under a blue party in power, and a more dovish central bank approach.
Cocoa prices are rising on the bias that demand would pick up especially during festivities.
Brent crude prices closed 3.62% lower to settle at $39.45 a barrel, WTI dropped 4.25% to settle at $37.14/Barrel.
At the U.S trading session on Thursday the precious metal at the futures market traded above $1947/ounce.
The U.S. elections result currently shows Democrat Joe Biden has 264 of the needed 270 electoral college votes
Brent crude prices dropped over 1% trading at $40.68/barrel, while West Texas Intermediate also dropped over 1% to trade at $38.63.
Brent crude traded above $40/Barrel gaining more than 2%.
Gold futures prices were down by over 1% trading at $1886.90/ounce.
Crude oil prices rallied higher with the bias that OPEC+ is likely to extend its oil production cut.
Gold futures traded at around $1,891/ounce as the weaker dollar helped move prices upward.