Gold Rallies on Democratic Midterm Win
Gold prices surged more than 2.5% on Wednesday, November 4, 2026, as a softer US dollar boosted bullion demand after Democrats seized control of both the Senate and House in the US midterm elections.
The rally in gold comes as investors await crucial US non-farm payrolls data for clues on the Federal Reserve’s policy path. A weaker dollar made greenback-priced gold more affordable for overseas buyers.
International Gold Price Surges to $4,035
In the international market, gold prices recorded a sharp increase. International spot gold climbed 2.4% to $4,046.81 per ounce, after surging by $139 to reach $4,035 earlier in the session.
US gold futures for December delivery rose 2.3% to $4,031.20 per ounce.
The dollar index hit a one-month low on Wednesday. The decline followed a decisive Democratic win in the US midterms, which fueled fears that the sweep could disrupt the data-center buildout that has powered the AI trade and hurt tech spending.
Gold Price in Pakistan Rises Sharply
Gold and silver prices also recorded a significant increase in Pakistan and international markets.
According to market data, the price of gold per tola in Pakistan increased by Rs13,900 to reach Rs426,036. The price of 10 grams of gold rose by Rs11,917 to Rs365,257.
According to the Karachi Sarafa Association, silver prices also witnessed an increase. The price of silver per tola rose by Rs295 to Rs5,663.
Why Did Gold Price Rise Today?
Two key factors supported gold prices today:
Softer Dollar: The dollar index hit a one-month low after the Democratic midterm sweep. A softer dollar makes gold cheaper for holders of other currencies.
Safe-Haven Demand: Analysts noted increased demand for protection. “The demand for protection against a potentially more unpredictable and confrontational Trump administration looks to be providing a compelling backdrop for gold buyers,” said Chris Weston, head of research at Pepperstone.
On the geopolitical front, Iran and the United States are still far from a deal to end their war, a senior Iranian official told Reuters on Tuesday. The comments came as US President Trump declined to rule out resuming US combat operations after the elections.
Asian Stock Markets Mixed as Tech Selloff Weighs
While gold rallied, Asian stock markets traded lower to mixed on November 4, 2026.
Most Asian stocks declined earlier in the session, pressured by a deepening selloff in US tech and semiconductor stocks, high artificial intelligence valuations, and ongoing reactions to political developments.
Nikkei 225 (Japan) closed at 62,188.63, down 1.42% or 893.23 points, after recovering from steeper earlier losses.
Hang Seng Index (Hong Kong) outperformed regional peers and closed at 23,919.50, up 1.67% or 393.53 points, as tech and property issues held firm.
Shanghai Composite (China) traded in a range of 3,604 – 3,680 amid mixed manufacturing data and closed up by 2.16%.
KOSPI (South Korea) remained under pressure due to heavy exposure to the tech and AI supply chain rout but managed to close up by 0.62%.
Investors will now focus on US jobs data and Fed commentary for further direction on gold and equities.
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