Key facts
- Spot gold traded near $4,065.90 an ounce in late US trading on Wednesday, up $136.50, or 3.47%, per Kitco.
- Spot silver traded near $52.280 an ounce, up $2.608, or 5.25% on the session, per Kitco.
- The 10-year Treasury yield finished near 4.88% after falling to about 4.89% overnight, per Kitco.
- Democrats won control of both the House of Representatives and the Senate, per Kitco.
- TradingEconomics said markets price a 79% chance of a Fed rate hike in December, per CME's FedWatch Tool.
Gold held above $4,000 an ounce on November 4, 2026, after Democrats won control of both chambers of Congress in the US midterm elections, according to a report by TradingEconomics. The outlet said spot gold climbed more than 2% on Wednesday as the dollar fell to a four-week low and Treasury yields declined across the curve.
A separate Kitco report put spot gold near $4,065.90 an ounce in late US trading on Wednesday, up $136.50, or 3.47% on the session, and spot silver near $52.280, up $2.608, or 5.25%. Kitco said the 10-year Treasury yield fell to about 4.89% overnight, its lowest in nearly two months, and finished near 4.88%, while the two-year yield reached about 4.55%.
Kitco reported that the election outcome raised expectations of legislative gridlock and more restrained fiscal spending during the remainder of President Donald Trump's term. It said the results increase the likelihood of congressional scrutiny of artificial intelligence investment, federal energy policy and US military operations involving Iran, while noting the election does not directly alter Federal Reserve monetary policy.
TradingEconomics said markets interpreted the results as potentially raising the likelihood of political gridlock in Washington and limiting prospects for further fiscal expansion. It said Washington and Tehran remain far from a deal to end their conflict, and that investors were watching Friday's US nonfarm payrolls report.
Kitco also reported the ADP private-sector employment report showed an increase of 86,000 jobs in October, above expectations near 67,000, and that the ISM services index slipped to 54.5 from 54.9 in September, below expectations near 54.8.