Gold price outlook, Nov. 4 -- Victory by Democrats in the US midterm elections have added a fresh dimension to the gold price outlook, with the precious metal rising around 2% on Wednesday as the US dollar weakened. Democrats scored a sweeping victory in the US midterm elections on Tuesday (November 3, 2026), winning control of both the House of Representatives and the Senate and dealing a major blow to President Donald Trump and his Republican Party.

The election developments come at a time when domestic gold prices remain more than 22% below their 2026 peak, following a sharp correction driven by rising crude oil prices, inflation concerns and expectations of higher US interest rates.

On the Multi Commodity Exchange (MCX), December go...