Gold prices advanced almost 3% in Wednesday’s Asian trading session, breaching the $4,000 per ounce level as a depreciating US dollar and falling Treasury yields bolstered precious metals. The dollar index retreated toward 101, registering a five-week low, as investors evaluated preliminary US midterm election outcomes and the prospect of Democrats securing control of both legislative chambers, potentially fostering political deadlock and limitations on government expenditures. Geopolitical risks also remained prominent, with market participants monitoring indications of potential renewed US military action against Iran amid faltering diplomatic initiatives. On the MCX, December gold futures rose 2.4% to ?1,42,957 per 10 grams, while silver futures remained proximate to ?1,90,000 per kg. Market focus now shifts to the forthcoming US jobs report for additional insights into labour-market dynamics and the Federal Reserve’s monetary policy trajectory.