Gold Rises to $4,047 as Democrats Secure Control of Both U.S. Chambers
Key Facts
Gold prices rose to $4,047 an ounce on November 4, 2026, driven by the confirmed victory of Democrats in securing control of both chambers of the U.S. Congress. Analysts reported that the legislative sweep increased expectations of political gridlock in Washington, enhancing the metal's appeal as a hedge.
The price move coincided with a weaker dollar and falling U.S. Treasury yields, with gold trading at $4,047 (trading November 4, 2026) compared to a previous close of $4,019.725. Chris Weston of Pepperstone noted that dollar weakness and a drop in real yields provided clear support above the psychological $4,000 level, while Matt Simpson of StoneX indicated that breaking previous resistance levels defines the metal's next upward trajectory.
Traders are awaiting the Bureau of Labor Statistics' preliminary third-quarter productivity and costs report on November 5, 2026, followed by the October employment situation report on November 6. Bureau data previously showed nonfarm payroll growth of 29,000 jobs in September with the unemployment rate at 4.2%.
Latest Updates · 4
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Update: The precious metal extended its gains as spot gold rose to $4,059.95 an ounce on November 5, 2026, marking its largest daily increase since August. In derivatives markets, December gold futures settled at $4,073.
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Update: Gold prices surged 2.9% on November 4, 2026, marking the largest daily increase since mid-August. U.S. gold futures for December delivery reached $4,051.80 per ounce during the session.
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Update: ADP employment data released on November 4, 2026, showed U.S. private payrolls added 86,000 jobs in October. This figure exceeded analyst expectations of 67,000 to 69,000 jobs, providing further insight into labor market conditions ahead of official government reports.
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Update: The World Gold Council reported on November 4, 2026, that central bank and official institution purchases increased by 42% year-on-year. This growth in institutional demand occurred despite a weakening in physical investment for gold bars and coins.