Gold surges over 7% in just six days! Democrats sweep both houses of Congress, igniting the gold market! How will expectations for easing US-Iran tensions impact gold prices? - Moomoo

AI desk brief

Moomoo reports gold rose from $3,928.50 on November 3, 2026 to a $4,146 high before trading near $4,098; silver advanced from $49.78 to $53.50 before easing to $52.28. It attributes the rebound to reported Democratic congressional victories and expectations of US-Iran de-escalation, alongside falling oil prices and forward freight rates. Lower energy and shipping costs could ease inflation pressures and support Fed easing expectations, but the article conditions a sustained upward trend on confirmation from economic indicators and policy forecasts. Conversely, it warns that sharp equity declines could trigger liquidity-driven gold selling; it does not establish that such liquidation occurred.