Gold Surges Above $4000 as Democrats Win Congress, Sparking Wall Street Rally

In late trading, gold hit $4,065.90 per ounce, rising $136.50 or 3.47%, while silver advanced to $52.280, up $2.608 or 5.25%. Democrats captured both chambers of Congress in the midterms, weakening the dollar, Treasury yields and oil prices, which fueled fresh buying in precious metals.

The results heighten expectations for legislative gridlock and more restrained fiscal spending during Trump’s term. Hopes for renewed U.S.-Iran talks also eased geopolitical risk premiums in energy markets.

The 10-year Treasury yield dropped to 4.88% and the two-year to 4.55%. Mixed data showed ADP private payrolls rising by 86,000 jobs and the ISM services index at 54.5.