Pro News Weekly: Gold Rallies as Dollar Takes a Hit

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💵 The US dollar suffers a sharp decline following the Democrats’ victory in the midterm elections. Expectations of easing Middle East tensions push oil prices and Treasury yields lower, while concerns over slowing US economic growth and a potential government shutdown add further pressure to the greenback.

📈 US stocks celebrate the election results with a broad-based rally. The Dow Jones records its strongest daily performance since April 2025, while most S&P 500 sectors gain 2% or more. Historical trends suggest stocks tend to rise following midterm elections, although the political makeup of Congress could influence future performance.

🪙 Gold emerges as the biggest winner, surging above $4,100 per ounce after recovering from its annual lows. Falling Treasury yields, a weaker dollar and lower oil prices create a favourable environment for the precious metal. Central bank demand also provides support, with purchases reaching 321 tonnes in the third quarter, the highest level since the end of 2024.

₿ Bitcoin experiences a rollercoaster ride as the Binance hack, involving $6.3 billion in stolen funds, and election uncertainty trigger more than $1 billion in outflows from Bitcoin-focused ETFs over two trading days. However, expectations that Trump could veto legislation restricting the crypto industry, combined with falling yields and a weaker dollar, help restore investor confidence.

📊 Next week, traders will focus on US inflation data, with the Consumer Price Index potentially shaping the Federal Reserve’s next interest rate decisions. Investors will also monitor developments in the Middle East and Donald Trump’s attempts to push initiatives through Congress before Democrats take control.

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