Gold price surges over 5% following U.S. midterm elections

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Gold futures prices surged past $4,150 per troy ounce for the first time since October 21, 2026, according to data from the Comex exchange on November 5.

The December gold futures contract was up 5.39%, reaching $4,153 per troy ounce.

The rally in gold prices was driven by the U.S. midterm elections held on November 3, which led to a weaker dollar. This made gold cheaper for buyers and boosted demand for the precious metal.