Gold soars as dollar weakens after US polls
Spot gold reclaimed $4,000 and silver neared $52 as a weaker dollar and lower Treasury yields lifted precious metals, analysts said.
- On Wednesday, November 4, 2026, gold and silver prices surged in New York as Democrats won control of both houses of the US Congress, triggering a dollar slide that lifted demand for precious metals.
- Both metals hit 12-month lows on October 30, with gold at 3,875 and silver at 49.07, setting the stage for a sharp rebound when the post-election dollar weakness emerged.
- Gold prices surged 3% to $4,047 per ounce on Wednesday, while silver jumped to near $52 per ounce, pushing gold back above the psychologically important $4,000 threshold.
- The dollar index eased 0.37% to 101.49 and the US 10-year Treasury yield fell 5 basis points to 4.90%, while the BSE Sensex advanced 0.50% to 77,301 following the election.
- Polymarket data shows a 93% probability that gold touches $4,100 in November, though the metal faces a critical test when US jobs data arrives on Friday.
27 Articles
27 Articles
Gold extends rebound above US$4,100 as dollar and yields decline
Bullion is still down by more than a fifth since the US-Iran war erupted in late February. (EPA images pic)SINGAPORE: Gold extended gains -- after jumping more than 3% on Wednesday -- as a Democratic sweep of Congress in the US midterm elections sent the dollar and Treasury yields lower. Bullion rose as much as 1.9% to trade near US$4,140 an ounce, after rising the most since August in the previous session to back above the US$4,000 support thre…
Gold prices continued to rise during today's Thursdays, exceeding $4,100 per ounce, after a jump of more than 3% at the previous meeting, supported by the decline of the dollar and the proceeds of United States Treasury bonds, following the victory of the Democrats in the midterm elections.
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