US midterm election results cause gold prices to rise and oil prices to fall Xinhua News Agency, New York, November 4 (Reporters Liu Yanen and Xu Jing) Many American mainstream media outlets have predicted that the US Democratic Party will win a resounding victory in the midterm elections to be held on the 3rd. Gold and silver futures prices rose sharply on the 4th, while international oil prices fell. After the start of the new trading day, international gold prices continued to rise and exceeded $4,100 per ounce during the session, while international oil prices continued to fall. On the 4th, gold futures prices rebounded to over $4,000 an ounce, up more than 3.5% intraday, while silver futures prices rebounded even more strongly, up nearly 5.5%. The price of December 2026 gold, the most traded gold futures market on the New York Mercantile Exchange, closed up $132.6 to $4,073 an ounce, up 3.37%. December silver futures rose $2.529 to settle at $52.282 an ounce, up 5.08%. International oil prices fell sharply in early trading on the 4th, consolidating in a narrow range in the afternoon and closing up more than 8%. As of the close, the price of crude oil futures for December delivery on the New York Mercantile Exchange fell by $7.97 to close at $88.12 per barrel, down 8.29%; London crude oil futures for January delivery fell $8.98 to settle at $94.62 a barrel, down 8.67%. Data published by the British consulting company Watexa shows that, excluding liquefied petroleum gas, the output of crude oil, condensate and refined products in the Strait of Hormuz in October averaged 17.1 million barrels per day. Although it was lower than the daily average of 18.9 million barrels in September, it was equivalent to about 75% of the level before the outbreak of the Iran war. Ole Hansen, head of global commodity strategy at Saxo Bank in Denmark, said the ongoing recovery in crude oil shipments from the Middle East has begun to put pressure on spot prices and may help accelerate the normalization of refining margins and ultimately reduce oil prices.

US midterm election results cause gold prices to rise and oil prices to fall Xinhua News Agency, New York, November 4 (Reporters Liu Yanen and Xu Jing) Many American mainstream media outlets have predicted that the US Democratic Party will win a resounding victory in the midterm elections to be held on the 3rd. Gold and silver futures prices rose sharply on the 4th, while international oil prices fell. After the start of the new trading day, international gold prices continued to rise and exceeded $4,100 per ounce during the session, while international oil prices continued to fall. On the 4th, gold futures prices rebounded to over $4,000 an ounce, up more than 3.5% intraday, while silver futures prices rebounded even more strongly, up nearly 5.5%. The price of December 2026 gold, the most traded gold futures market on the New York Mercantile Exchange, closed up $132.6 to $4,073 an ounce, up 3.37%. December silver futures rose $2.529 to settle at $52.282 an ounce, up 5.08%. International oil prices fell sharply in early trading on the 4th, consolidating in a narrow range in the afternoon and closing up more than 8%. As of the close, the price of crude oil futures for December delivery on the New York Mercantile Exchange fell by $7.97 to close at $88.12 per barrel, down 8.29%; London crude oil futures for January delivery fell $8.98 to settle at $94.62 a barrel, down 8.67%. Data published by the British consulting company Watexa shows that, excluding liquefied petroleum gas, the output of crude oil, condensate and refined products in the Strait of Hormuz in October averaged 17.1 million barrels per day. Although it was lower than the daily average of 18.9 million barrels in September, it was equivalent to about 75% of the level before the outbreak of the Iran war. Ole Hansen, head of global commodity strategy at Saxo Bank in Denmark, said the ongoing recovery in crude oil shipments from the Middle East has begun to put pressure on spot prices and may help accelerate the normalization of refining margins and ultimately reduce oil prices.