Gold hits two-week high at $4,134
Gold prices continued to rise on Thursday, November 5, 2026, as the U.S. dollar weakened and Treasury yields declined following the U.S. congressional midterm elections.
Spot gold gained 1.9% to reach $4,134.83 per ounce, its highest level since October 22. U.S. gold futures for December delivery also climbed 1.8% to $4,144.20. The precious metal had surged approximately 3.4% in the previous trading session, recording its strongest daily gain since August.
Democrats securing majorities in the U.S. Congress shifted expectations surrounding fiscal policy, while declining Treasury yields and a weaker dollar supported demand for gold. The yield on the 10-year U.S. Treasury note fell to 4.87%, as investors focused on the Federal Reserve's December interest rate decision. Markets were pricing in approximately an 82% probability of a 25-basis-point rate hike, while Citi set its short-term gold price target at $4,500. Silver prices also rose 1.7% to $53.12 per ounce.
Comments