Gold Extends Its Rally to a Two-Week High Above US$4,100 as the Dollar Softens After the Midterms — Precious Metals Daily Update, November 5, 2026

Precious metals extended their rally on Thursday, November 5, 2026, as the US dollar and Treasury yields stayed near multi-week lows after Democrats won control of both houses of Congress in the United States midterm elections. Gold held around US$4,114.21 / C$5,756.27 per ounce, up 1.30 percent in US dollars and up 1.40 percent in Canadian dollars from the previous close, and at its highest level in more than two weeks. Silver held around US$52.42 / C$73.33 per ounce, up 0.33 percent in US dollars and up 0.41 percent in Canadian dollars, while platinum held around US$1,529.01 / C$2,139.35 per ounce, up 1.93 percent in US dollars and up 2.03 percent in Canadian dollars. Gold traded between US$4,057.99 and US$4,147.00 per ounce, silver traded between US$52.22 and US$53.48 per ounce, and platinum traded between US$1,499.03 and US$1,545.66 per ounce. Spot gold rose about 1.6 percent to near US$4,125.82 per ounce in early trading, its highest since October 22, building on Wednesday's gain of more than 3 percent, the biggest single-day rise since August. The US dollar index traded near 101.60, recovering only partly from an intraday low near 101.20, and the 10-year Treasury yield rose to about 4.89 percent from an earlier low near 4.83 percent. Lower oil prices also helped, after US crude tumbled sharply on Wednesday and Brent crude dipped below US$100 per barrel, easing inflation fears and supporting buying of bullion. The Bank of England raised its benchmark rate by a quarter point to 4.00 percent on Thursday, its first increase in more than three years, and gold held its gains after the decision. Traders still see about a 79 percent chance that the Federal Reserve raises rates in December, according to CME FedWatch, after the Fed held rates at 3.75 to 4.00 percent last week, so Friday's United States payrolls report remains the next major test for the rally. For investors: Two strong sessions have repaired much of last week's damage, but gold is now approaching the resistance that matters. A daily close above today's high near US$4,147 per ounce would open the way toward the US$4,200 per ounce area, while a close back below Wednesday's close near US$4,062 per ounce would warn that the post-election move is fading. The risk is the calendar, not the trend: a strong payrolls or wage print on Friday would lift the dollar and yields, revive December hike pricing and pressure all three metals, while a soft report would challenge that pricing and could extend the rally. Staggered buying on pullbacks toward confirmed support remains more disciplined than chasing a second straight strong session directly into the jobs report. For jewelers: Replacement costs start Thursday higher again, so quotes should start from today's live marks rather than any price list printed earlier this week. Gold near C$5,756.27 per ounce is about C$79.50 per ounce above the previous daily close, silver near C$73.33 per ounce is holding above C$73 per ounce, and platinum near C$2,139.35 per ounce is holding well above C$2,100 per ounce. Moves of this size change scrap and stock math in both directions within a single session, so repricing from live spot matters more than usual. With both countries' jobs reports on Friday able to move metals several percent in a session, locking metal against confirmed holiday orders and keeping trade and scrap buying aligned to live spot helps protect margins for Gold Stock Corp customers. Coming up — events that will move metals this week: Thursday, November 5, 8:30 AM ET — US weekly jobless claims (prior 194,000) and productivity and costs, with Federal Reserve speakers later in the day and the Bank of England's hike to 4.00 percent already delivered at 7:00 AM ET: claims in line with recent weeks would keep the labour market looking firm ahead of payrolls, while any hawkish Fed comment can lift the dollar and yields and test gold's hold above US$4,100 per ounce. Friday, November 6, 8:30 AM ET — US October jobs report (nonfarm payrolls forecast near 55,000 to 65,000, prior 29,000 in September; unemployment rate forecast steady at 4.2 percent; monthly wage growth forecast 0.3 percent, prior 0.1 percent), with Canada's October employment report released the same morning: this is the biggest data test before the Fed's December meeting, so strong payrolls or wages on either side of the border would lift hike odds and pressure gold, silver and platinum, while a soft report would challenge that pricing and could extend this week's rally. Friday, November 6, 10:00 AM ET — US University of Michigan consumer sentiment (preliminary November reading): sentiment and its inflation expectations feed straight into the Fed debate, so a jump in expected inflation would support hike pricing and weigh on metals, while weaker sentiment would support the case that consumers are finally slowing. Tuesday, November 10, 8:30 AM ET — US October consumer price index (CPI) (prior September reading 3.7 percent year over year, with core at 2.6 percent): inflation is the other half of the December decision, so a hot CPI print after a firm jobs report would harden hike expectations, while a cooler print would give gold, silver and platinum room to build on this week's recovery. Live prices: https://www.goldstocklive.com