Gold Reclaims $4,000 Level After Democrats Sweep US Midterm Elections

Key Facts

Gold prices pushed back above the $4,000 per ounce level as the Democratic Party swept the midterm elections to take control of Congress. Kitco reported that the shift in U.S. domestic politics and the potential for policy changes provided a tailwind for the metal, allowing it to recover a key psychological support level.

This recovery occurred alongside significant economic data released on November 6, 2026, which showed the U.S. unemployment rate falling to 4.1%, lower than the forecasted 4.2%. Nonfarm payrolls for the same date came in at 165,000, significantly exceeding the previous period's 60,000, indicating a resilient labor market despite the political shift.

Market attention now turns to the Consumer Price Index (CPI) data scheduled for release on November 10, 2026, with a monthly inflation forecast of 0.3%. Analysts have identified initial resistance levels at $4,064 and $4,089 per ounce, which may serve as targets if the bullish momentum continues.