Gold Surges Past $4,100 as Democrats Win US Midterms
Thai gold dealer YLG reports international gold prices surged past $4,100 an ounce after Democrats won the US midterm elections, easing geopolitical tensions and pushing oil and bond yields lower. The company expects gold to trade sideways through the fourth quarter of 2026 before a strong uptrend resumes in 2027, with domestic 96.5% gold bars supported between 60,750 and 64,000 baht per baht-weight.
YLG reports gold prices broke above $4,100 per troy ounce on Thursday, November 5, 2026, extending gains from the previous session. The rally follows Democratic victories in the US midterm elections, raising hopes that US-Iran tensions may ease and pushing crude oil prices sharply lower. Falling government bond yields also added to gold's appeal for investors.
President Donald Trump acknowledged Republican losses stemmed from war issues and high oil prices, signaling no immediate plans to escalate attacks on Iran. Democratic control over war funding budgets suggests Middle East conflicts may de-escalate, easing inflation pressure and reducing near-term rate hike fears.
YLG expects Democratic checks on power will limit massive spending bills and budget deficits, restoring appeal for US Treasuries and pressuring bond yields lower. Markets are watching Friday's key US jobs data for Fed policy cues; the CME FedWatch Tool shows a 79% chance of a December rate hike, but growing expectations for a "one and done" cycle if political gridlock cools inflation.
In the near term, YLG sees gold moving sideways to sideways-up through Q4 2026 before a strong uptrend resumes in 2027. Short-term support lies at $4,050–4,000 per ounce, with key support at $3,870–3,840. Near-term resistance sits at $4,160–4,200; a break could target $4,380.
For 96.5% gold bars in Thailand, support zones are 60,750–64,000 baht per baht-weight for accumulation, with near-term resistance at 65,900–66,400. A break above opens upside toward 69,200 baht per baht-weight.
