Gold rebounds above $4,000 an ounce after US midterm results
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The gist
Spot gold rose 2.26% to $4,041.41 an ounce on Nov 4, up $89.31 from the prior close.
The rebound follows midterm results, with traders also watching the Fed and payrolls data.
Background
Gold is a precious metal whose price is quoted per troy ounce in global markets and per gram or tola in local markets such as India and Vietnam. The metal had opened the week at its lowest point in over a year, trading 26.22% below its 52-week high of $5,477.79, before recovering. The move comes as investors weigh US midterm election results and await the November 6 US non-farm payrolls report for clues on the Federal Reserve's interest rate direction.
How it unfolded
- Nov 2, 2026Gold futures opened at $3,890 per troy ounce, down 0.2% from Friday's close and the lowest in over a year ahead of the midterms.
- Nov 3, 2026December futures opened at $3,960.50 per troy ounce, down 0.2%, and slipped to $3,910.60 as of 7:20 a.m. ET.
- Nov 4, 2026Spot gold reached $4,041.41 per ounce as of 9:05 a.m. ET, up 2.26% or $89.31 from the previous close of $3,952.10.
- Nov 5, 2026Gold in India rose to INR 12,562.22 per gram from INR 12,349.87 on Wednesday; Vietnamese retailers listed SJC gold up 1.8 million VND/ounce from the prior session.
Key terms
- midterm results
- US general elections held near the midpoint of a president's four-year term, when all House seats and about a third of Senate seats are contested.
- Fed
- The central banking system of the United States, created in 1913 to provide a stable monetary system.
- payrolls data
- A monthly survey of US businesses outside agriculture, measuring employment and economic health.
Source: Wikipedia
Who’s saying what
- Caution
- Vikram Subburaj, CEO of Giottus.com, said the recovery remains uneven for Indian investors, with gold slightly weaker in domestic early trading while silver holds a modest gain, and investors should avoid reacting to small early-session moves.
- Analysts
- Traders bet on a 79% chance the Fed will raise interest rates in December 2026, per CME's FedWatch tool, a factor markets are weighing alongside the payrolls report.
Still unverified
Vikram Subburaj said MCX December gold and silver quotes cited were early electronic-session references, not confirmed prices at the regular MCX opening; FXStreet said its India gold prices are for reference and local rates could diverge slightly.