04.11.2026 09:20
Following the gains Democrats achieved in the US midterm elections, the decline in the dollar and US Treasury bond yields drove gold prices up. While an ounce of gold exceeded $4,000, a gram of gold rose to 6,440 Turkish lira. In the markets, eyes turned to the Fed's interest rate decision and the employment data coming from the US.
The first results of the midterm elections held in the US on November 3 caused movement in global markets. As the Democrats made significant gains in Congress, the depreciation of the dollar and the decline in US Treasury bond yields increased demand for gold. The rise in global markets was also reflected in gold prices in Turkey.
OUNCE GOLD EXCEEDS $3,947
According to data reported by Reuters, spot gold rose 0.5% to $3,947.49 per ounce as of 07:15 Turkey time on Wednesday, November 4. US December gold futures also traded at $3,958, up 0.5%.
With the first results of the US midterm elections, the weakening of the dollar and the fall in bond yields increased the appeal of gold, which offers no interest return, for investors.
GRAM GOLD CLIMBS TO 6,440 LIRA
In Turkey, gold prices also started the day higher under the influence of the rise in global markets. Gram gold rose to 6,335 lira, while quarter gold traded at 10,436 lira.
As of the morning of November 4, gold selling prices are as follows:
TWO REASONS FOR THE RISE IN GOLD
Pepperstone Head of Research Chris Weston said that the depreciation of the dollar and the sharp decline in US bond yields were decisive in the rise in gold prices.
Weston said, "A weaker US dollar and the sharp decline in both nominal and real US Treasury bond yields are clearly providing support for gold."
Weston also noted that after the election results, concerns that the Trump administration could pursue more unpredictable and confrontational policies led investors to seek safe havens.
UNCERTAINTY OVER THE IRAN WAR ALSO PLAYS A ROLE
Another development supporting gold prices was the uncertainty regarding the future of the war between the US and Iran.
A senior Iranian official speaking to Reuters said that the two countries were still far from reaching an agreement to end the war. Trump's not ruling out the possibility of resuming US military operations also increased concerns about geopolitical risks.
These developments were among the factors supporting investors' safe-haven demand for gold.
EYES TURN TO THE FED'S RATE DECISION
Expectations regarding the interest rate decision the US Federal Reserve (Fed) will make in December are also being closely followed in the markets.
According to CME FedWatch data reported, markets are pricing the probability of a rate hike in December at 78%. Rising interest rates are cited among developments that could put pressure on gold, which offers no interest return.
Investors are also focused on US nonfarm payrolls data to be released on Friday. The data are expected to influence expectations regarding the Fed's monetary policy.
$4,000 LEVEL CRITICAL FOR OUNCE GOLD
StoneX Senior Market Analyst Matt Simpson assessed the $4,000 level in ounce gold as an important resistance point.
According to Simpson, gold surpassing this level could open the way for a new upward movement in prices.