Gold jumps 3.4% to $4,059.95 on Nov. 4; silver rises 4.9%
Key Facts
Spot gold rose 3.4% to $4,059.95 an ounce by 2:04 p.m. Eastern time on Nov. 4, 2026, while U.S. December futures closed up by the same percentage at $4,073, according to Reuters via Investing.com. Spot silver rose 4.9% to $52.23 an ounce on the same day. The gains followed the Democrats’ victory in the U.S. midterm elections, which weakened the dollar and boosted the appeal of the dollar-priced metal to buyers outside the United States. Gold thereby reclaimed the $4,000-an-ounce level after falling in late October. The move marked a clear reversal of the earlier decline that preceded the election.
Gold had fallen to $3,869.85 an ounce on Oct. 30, its lowest level since October 2025, according to a Reuters report. But prices rebounded on Nov. 4, again topping the $4,000 threshold before settling at levels recorded during that day’s session. Reuters cited dollar weakness as a factor supporting demand, making bullion priced in the U.S. currency less expensive for holders of other currencies. The move also extended to silver, which posted a larger daily percentage gain than gold, rising 4.9% against a 3.4% increase in spot gold. These figures relate to the Nov. 4 session and do not describe trading on Nov. 13.
A Reuters report quoted market analyst Jim Wyckoff as saying that if the U.S. Congress faces likely legislative gridlock, that could weigh on the economy and allow the Federal Reserve to lean toward easier monetary policy. Wyckoff said a Congress likely to struggle to pass much legislation “would probably be somewhat negative for the U.S. economy, which could allow the Federal Reserve to lean toward easier monetary policy.” The assessment offered a possible political explanation for the market move after the election, alongside the direct effect of dollar weakness on gold’s appeal. Investors were also looking to the U.S. nonfarm payrolls report due that week for indications on the path of interest rates. The report cited the anticipated data as a subsequent factor in assessing the policy outlook.
Against the monetary backdrop, the U.S. consumer price index rose 0.4% month over month in October 2026, after a 0.6% increase in September, according to the U.S. Bureau of Labor Statistics. The shelter index rose 0.3% in October, accounting for more than 30% of the monthly increase in the all-items index. The seasonally unadjusted CPI stood at 337.511 points that month. November CPI data are scheduled for release on Dec. 10, 2026, at 8:30 a.m. Eastern time, according to the bureau’s schedule. The data provide context for tracking investors’ interest-rate bets, but do not by themselves determine the direction of metals prices or the dollar.
The Federal Reserve’s calendar recently included remarks by Vice Chair Philip Jefferson on Nov. 13, 2026, at 7:00 p.m., and a speech by Governor Michael Barr on Nov. 16 at 5:00 a.m. These events follow the metals rally in the Nov. 4 session, and officials’ remarks may give investors a chance to reassess their view of monetary policy. The subsequent price action, however, reversed the election-session gains: spot gold fell 5.2% over five sessions through Nov. 12, while the U.S. Dollar Index rose 1.6% over the same period, according to Investing.com. That later move places the Nov. 4 rally within a volatile path for gold and the dollar during the month. The market is also awaiting November CPI data on Dec. 10, according to the date set by the Bureau of Labor Statistics.