Gold Jumps Back Above US$4,000 as Democrats Sweep the Midterms and the Dollar Slides — Precious Metals Daily Update, November 4, 2026

Precious metals surged on Wednesday, November 4, 2026, after Democrats swept the United States midterm elections, taking control of both the Senate and the House of Representatives, and the US dollar slid to a one-month low. Gold held around US$4,048.95 / C$5,650.11 per ounce, up 3.02 percent in US dollars and up 2.61 percent in Canadian dollars from the previous close, and back above the US$4,000 per ounce level for the first time since October 29. Silver held around US$52.19 / C$72.82 per ounce, up 4.80 percent in US dollars and up 4.42 percent in Canadian dollars, while platinum held around US$1,479.47 / C$2,064.44 per ounce, up 4.16 percent in US dollars and up 3.77 percent in Canadian dollars. Gold traded between US$3,919.95 and US$4,051.43 per ounce overnight, silver traded between US$48.96 and US$52.25 per ounce, and platinum traded between US$1,391.94 and US$1,479.68 per ounce. Reuters reported spot gold up 3 percent at US$4,046.74 per ounce by 12:34 GMT, on track for its biggest daily gain since August 19, after an intraday high of US$4,050.99 per ounce, with spot silver up 4.8 percent at US$52.13 per ounce and platinum up 3.6 percent at US$1,467.60 per ounce. The rally built in two steps overnight as the election results came in, first on a weaker dollar and lower Treasury yields, then on heavier buying as the Democratic sweep became clear and investors weighed the fiscal outlook under divided government. The US dollar index fell 0.70 percent to 101.14, its lowest in a month, and the 10-year Treasury yield eased to 4.92 percent. Wednesday morning data did not slow the move: ADP reported private employers added 86,000 jobs in October, above forecasts near 67,000 to 69,000, with September revised to 86,000, and that followed Tuesday's JOLTS report showing September job openings jumped to 7.523 million, well above forecasts near 7.1 million. Eurozone flash inflation rose to 4.0 percent in October from 3.8 percent, as forecast, Brent crude fell 2.5 percent to US$101.80 per barrel, and the Treasury kept its quarterly refunding auction sizes unchanged at US$125 billion. Traders still see about an 82 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, and a senior Iranian official said Iran and the United States remain far from a deal to end their war. For investors: Wednesday's jump is the strongest evidence yet that last week's one-year low marked a floor, but it is not yet confirmation that the correction is over. Gold needs a daily close above US$4,000 per ounce, and ideally above the overnight high near US$4,051 per ounce, to turn a headline-driven spike into a base, with Tuesday's close near US$3,930 per ounce and the overnight low near US$3,920 per ounce as the levels that would warn the move is failing. The firm ADP and JOLTS labour readings keep the case for a December rate hike alive, and analysts note a still-hawkish Fed limits the scope for further gains, so the next tests arrive quickly: the ISM services index at 10:00 AM ET today and Friday's payrolls report. Staggered buying on pullbacks toward confirmed support remains more disciplined than chasing a 3 percent single-session jump into those releases. For jewelers: Replacement costs start Wednesday sharply higher than Tuesday's close, so quotes should start from today's live marks rather than any price list printed earlier this week. Gold near C$5,650.11 per ounce is more than C$125 per ounce above Tuesday's daily mark, silver near C$72.82 per ounce has moved back above C$72 per ounce after trading below US$49 per ounce overnight, and platinum near C$2,064.44 per ounce is holding well above C$2,000 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 the Bank of England decision on Thursday and 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: Wednesday, November 4, 10:00 AM ET — US ISM services PMI (forecast near 54.7 to 54.8, prior 54.9), after this morning's ADP employment report already beat forecasts at 86,000 jobs and the Treasury quarterly refunding announcement kept auction sizes unchanged: services are the larger part of the US economy, so a strong services print, especially on prices or hiring, would support the dollar and yields and test whether gold can hold above US$4,000 per ounce into Friday's payrolls. Thursday, November 5, 7:00 AM ET — Bank of England rate decision and Monetary Policy Report (forecast a hike to 4.00 percent, prior 3.75 percent), with US weekly jobless claims at 8:30 AM ET (prior 194,000), Canada's federal budget later in the day, and Federal Reserve speakers Hammack, Barkin and Logan: a UK hike would underline that the global tightening cycle is not over, and any surprise on rates, claims or the Canadian budget can move the US dollar, the Canadian dollar and yields straight into metals. 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 and US consumer sentiment at 10:00 AM ET: 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 Wednesday's rally. Live prices: https://www.goldstocklive.com