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[Gold Prices Continue to Rise to Two-Week High Amid Democratic Victory and Rising Expectations of Ending the Iran War] 1. Gold prices continued their upward trend in early Asian trading on Thursday. As of 10:14, spot gold rose as much as 1.92% to $4138.03 per ounce, hitting a more than two-week high. This followed the largest single-day gain since mid-August overnight, primarily due to the continued weakening of the US dollar to a more than one-month low following the Democratic Party's victory in the midterm elections. Furthermore, rising expectations of ending the Iran war led to a sharp drop in oil prices to a near two-month low, easing inflation concerns. 2. The Democratic Party's overwhelming victory in the midterm elections eliminated some market uncertainty, and investors are assessing potential changes in regulatory policy. The ADP National Employment Report showed that private sector job growth in the US further expanded in October. The CME Group's FedWatch tool shows that traders expect an 83% probability of a Fed rate hike in December. 3. On the geopolitical front, Iranian Supreme Leader Khamenei stated that Washington's hostility towards Tehran will not change due to changes in the US party landscape or concessions from Iran, and that those who believe the situation will change have "seriously misjudged the situation." 4. Citigroup on Wednesday set a 0-3 month price target of $4,500 per ounce for gold, believing that gold prices still have significant upside potential if the Strait of Hormuz reopens and the conflict between Yemen and Saudi Arabia eases as expected by the end of the year. 5. However, Eurozone inflation rose to a three-year high in October, potentially strengthening expectations of a December rate hike by the European Central Bank; the market widely expects the Bank of England to raise rates for the first time in three years on Thursday. Investors are awaiting Friday's US non-farm payroll report for clues about the Federal Reserve's policy outlook.