Gold rises 5% as US bond yields fall, while oil prices drop

After the US midterm elections, financial markets reassessed the outlook for the economy and geopolitical risks.

Gold gained as investors sought safer assets and demand for bonds pushed down their yields, reducing the cost of holding gold.

Gold rose 5% to $4,070 an ounce, ending a three-week run of losses.

Strong US jobs data later in the week supported expectations that the Federal Reserve might raise interest rates in December, limiting gold's gains.

Oil prices fell 13.4% as traders saw a chance that Middle East tensions could ease and shipments from the region could increase.

Attacks on tankers in the Gulf continued, so concerns about supply security remained.

Natural gas rose 5% as forecasts of colder weather in parts of the United States raised expectations for heating demand.