Gold climbs near 2% to two-week high as dollar slips after US midterms
Spot gold climbed 1.9% to $4,134.83 an ounce, its highest since October 22, as the dollar eased after the Democratic midterm win. Indian stocks also gained.
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what happened
Spot gold rose 1.9% to $4,134.83 an ounce by 03:16 GMT, its highest level since October 22, Moody's reported. The metal drew support from a softer US dollar and lower Treasury yields after Democrats won control of both chambers of Congress, a result that eased a large source of political doubt for investors.
Gold had already jumped about 3.4% on Wednesday, its best one-day move since August 19. December gold futures in the US added 1.8% to $4,144.20. The yield on 10-year Treasuries fell 6 basis points overnight and slipped further to 4.87%. Silver on India's MCX gained 1.7%.
Brent fell below $100 a barrel and traded near $94. Indian equities rallied, with the Sensex up roughly 2%, and jewellery shares such as Senco Gold and Titan advanced. Traders are now waiting for Friday's US nonfarm payrolls report to gauge the Federal Reserve's path.
why it matters
Traders still see a meaningful chance that the Fed raises rates again in December, which could firm the dollar and lift yields and cap gold's upside. Silver may swing more than gold given its industrial demand, and rupee moves will shape how the global rally reaches domestic prices in India.
market impact
Gold and silver: weaker dollar and lower Treasury yields support precious metals prices
- Gold pressure up — a softer dollar and lower US Treasury yields support the metal
- Silver pressure up — follows gold under the same currency and yield factors
- US dollar pressure down — the midterm outcome removed uncertainty and weighed on the greenback
tags
instruments
sources
- US Midterm Election Results Impact: Senco Gold, PC Jeweller, Titan- Jewellery stocks gain as gold, silver prices rebound — Moody's, 5 November 2026 at 08:22 UTC
- US Midterm Election Results Impact on Gold, Silver Jewellery Stocks: Senco, PC, Titan shares shine on Trump's loss — Moody's, 5 November 2026 at 08:35 UTC
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
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