EL7.AI
CommoditiesMedium•5 November 2026•
1 min read

Gold Surges and Oil Plummets Following US Midterm Election Results

Key Facts

1Spot gold rose approximately 3.3% to around $4,060 an ounce, marking its largest daily gain since August.
2Brent crude fell about 9% to roughly $94.50 a barrel on hopes of Iran diplomacy following the US midterms.
3The US dollar and Treasury yields declined following the Democrats winning control of both chambers of Congress.

Spot gold rose approximately 3.3% to reach around $4,060 an ounce, marking its largest daily gain since August. According to investinglive.com, the surge coincided with Brent crude falling 9% to roughly $94.50 a barrel amid hopes for successful diplomacy with Iran following the US midterm elections, which saw Democrats win control of both chambers of Congress.

The US dollar and Treasury yields declined following the political shift in Washington, providing a tailwind for bullion. In equity markets, Citigroup Inc closed at $124.74 on November 4, 2026, while CME Group Inc closed at $308.27 on the same date. Citigroup Inc noted that the slump in oil prices cooled inflation expectations, potentially influencing future Federal Reserve policy shifts.

Market attention now turns to US labor data, with Initial Jobless Claims scheduled for release on November 5, 2026, followed by Nonfarm Payrolls and the Unemployment Rate on November 6, 2026, which will be pivotal for interest rate and dollar trajectories.

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