Gold climbs back above $4,000

Gains by Democrats in the elections led to declines in the U.S. dollar and Treasury yields, supporting demand for precious metals. Spot gold climbed 2.2% during the session to reach $4,016.01 per ounce, while U.S. gold futures recorded a similar increase. The rally pushed gold back above the $4,000 mark following a period of sharp selling pressure.

Shifting political dynamics in the United States have increased uncertainty surrounding the future of economic policy, strengthening investors' demand for safe-haven assets. Geopolitical risks associated with the ongoing conflict involving Iran have also supported gold demand. Meanwhile, expectations that the Federal Reserve could raise interest rates in December are seen as a potential source of pressure on the precious metal. Markets are closely monitoring U.S. employment data, movements in the dollar, and Treasury yields.