05.11.2026 09:20
After the Democrats won majorities in both chambers of Congress in the US midterm elections, the dollar and bond yields declined, while gold prices continued to rise. Gold per ounce surpassed $4,140, reaching its highest level since October 22, while gold per gram exceeded 6,650 lira. Banking giant Citi announced its three-month price target for gold at $4,500 per ounce.
The rise in precious metals continued on Thursday morning as well. Gold, which gained 3.4 percent on Wednesday, started the day with an increase of about 2 percent.
GOLD PER OUNCE AT ITS PEAK SINCE OCTOBER 22
Spot gold rose 1.9 percent in the morning hours to $4,140.83 per ounce. It thus saw its highest level since October 22. Wednesday's 3.4 percent jump was also the largest daily increase recorded since August 19.
Despite the rise, gold per ounce is trading about 26 percent below its all-time peak of $5,589 seen in January.
GRAM GOLD EXCEEDED 6,650 LIRA
The increase in the ounce price was also reflected in the domestic market. Gram gold, which was at 6,537 lira as of 21:45 on the evening of November 4, rose to 6,656 lira on Thursday morning.
According to the selling prices shared in the morning, quarter gold traded at 10,943 lira, half gold at 21,880 lira, full gold at 42,597 lira, and Republic gold at 43,599 lira. Gremse gold rose to 106,819 lira.
THE DECLINE IN THE DOLLAR AND BOND YIELDS WAS EFFECTIVE
The reduction in market uncertainty with the election results and the rise in global stocks pulled the dollar index down. The weakening of the dollar made gold more attractive for investors trading in other currencies.
The yield on the US 10-year benchmark bond also fell to 4.87 percent. The decline in yields supported gold, a non-yielding investment, in remaining above the $4,000 threshold.
SHARP RISE IN PLATINUM AND PALLADIUM
The rise spread to other precious metals as well. Platinum's per-ounce price rose 5.58 percent to $1,499.29, while palladium's per-ounce price rose 7.48 percent to $1,008.08.
$4,500 FORECAST FROM A MAJOR BANK
In its published report, Citi announced a 3-month price target for gold of $4,500 per ounce.
Forecasts from other major banks are also at different levels. Goldman Sachs maintains its forecast that gold per ounce will reach $4,900 by year-end. HSBC, meanwhile, in a revision made on October 1, lowered its 2026 average gold price forecast from $4,560 to $4,490.
EYES ON NON-FARM PAYROLLS DATA
In the markets, eyes have now turned to the US non-farm payrolls report to be released tomorrow. The report is expected to provide clues about the US Federal Reserve's (Fed) interest rate policy.