Gold rises as dollar weakens; Democrats score early wins in US midterm elections

SENSEX 77,350.94

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CRUDEOIL 9,001.00

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GOLD 139,365.00

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SENSEX 77,350.94

+ 433.09

NIFTY 23,927.20

+ 116.35

NIFTY 23,927.20

+ 116.35

CRUDEOIL 9,001.00

 -103.00

CRUDEOIL 9,001.00

 -103.00

GOLD 139,365.00

 -87.00

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Spot gold was up 0.5% at $3,947.49 per ounce ‌by 0415 GMT, while US gold futures for December ‌delivery ⁠rose 0.5% to $3,958.00

By Reuters

Updated - November 04, 2026 at 10:15 AM.

​Gold prices edged higher on Wednesday, supported by ⁠a softer US dollar ahead of the outcome of the US midterm elections. | Photo Credit: FRANCIS MASCARENHAS

Highlights

• US non-farm payrolls data due on Friday
• US dollar slips 0.5%
• Traders price in 78% chance of ​a Fed rate rike in December
• Democrats notch early Senate ‌wins

Gold prices rose on ⁠Wednesday, supported by a softer US dollar after Democrats scored early wins in the US midterm elections, while investors awaited the non-farm payrolls data later ‌this week for clues on the Federal Reserve's policy path.

Spot gold was up 0.5 per cent at $3,947.49 per ounce ‌by 0415 GMT, while US gold futures for December ‌delivery ⁠rose 0.5 per cent to $3,958.00.

"A weaker USD and a punchy decline ⁠in both nominal and real US Treasury yields are clearly providing support for gold," said Chris Weston, head of research at Pepperstone.

Additionally, "the demand for protection ​against a potentially more unpredictable ‌and confrontational Trump administration looks to be providing a compelling backdrop for gold buyers," Weston added.

US stock futures slumped, Treasuries rallied and the dollar softened on Wednesday as Democrats notched ‌early Senate wins, raising the prospect of a blue sweep ​in the US midterm elections in a major setback to President Donald Trump and Republicans.

On the ⁠geopolitical front, Iran and the United States are still far from a deal to end their war, a senior Iranian official told ‌Reuters on Tuesday, as Trump declined to rule out resuming US combat operations after the elections.

Traders currently see a 78 per cent chance that the Fed will raise rates in December, according to CME's FedWatch tool. Higher interest rates increase the opportunity cost of holding non-yielding bullion, reducing its appeal to investors.

Markets now ‌await the US non-farm payrolls report due on Friday.

"$4,000 is the obvious ​resistance level — and a break (on) either side of that range could dictate gold's next decent move," said Matt ⁠Simpson, senior market analyst at StoneX.

India's gold demand is expected ⁠to fall to a six-year low in 2026, as elevated prices weigh on jewellery sales and investment demand moderates, ‌the World Gold Council (WGC) said on Tuesday.

Among other metals, spot silver fell 0.8 per cent to $49.38, platinum slipped 1.2 per cent to $1,399.72 ​and palladium dropped 0.2 per cent to $932.07.

Published on November 4, 2026

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