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Gold Prices Surge as ETFs 00708L and 00635U Rally Following US Election Results
Miscellaneous · Miscellaneous · economic_daily · 2026-11-05
00635, 00708
Gold prices rebounded above $4,100 per ounce, boosting gold-linked ETFs as investors pivot toward safe-haven assets amid shifting political and geopolitical landscapes.
What Happened
Market Performance: Following the US midterm election results, gold prices staged a strong recovery, buoyed by expectations of reduced geopolitical tensions. Gold-linked ETFs, including 00708L and 00635U, saw significant gains of over 9% and 4% respectively during the trading session.
Gold Price Dynamics: A sharp decline in crude oil prices, coupled with hopes for a resolution to Middle East conflicts, pushed gold futures past the $4,100 mark. Technical analysis suggests that the $4,000 level has established itself as a solid support zone, underscoring persistent demand for safe-haven assets.
Sector Impact: In contrast to the rally in gold, the semiconductor sector faced pressure due to concerns over potential Democratic policies that could limit AI data center construction. This has led to a rotation of capital, with investors favoring gold as a defensive play in the current political climate.
Long-term Outlook: Despite ongoing market volatility, the structural demand for gold remains supported by consistent central bank purchases globally. Major investment banks maintain that the recent price correction does not signal a long-term bearish trend, keeping the bullish outlook for gold intact.
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