Gold price tops $4,113 as central-bank buying lifts the floor; crude runs an Iran-peace unwind

The Democratic sweep of the midterms was the single biggest commodity event of the week, and it split the complex down the middle. Gold and silver broke out to records while crude collapsed, and both moves share one driver: the results on Wednesday sent Treasury yields and the dollar tumbling, which is bullish for a macro hedge like gold and bearish for a conflict-premium asset like oil. By Thursday's US settle gold stood at $4,113.50, up 5.5% on the week after touching a record $4,155.80 intraday, while WTI fell 13.1% to $90.52 and Brent 16.4% to $98.29 as the Iran-peace trade kept crunching the Hormuz premium out of the front of the curve.

Key Takeaways Gold settled +5.5% at $4,113.50 (GC=F…