Gold climbed back above $4,000 an ounce on Wednesday 4 November 2026. Spot gold rose to $4,046.74 per ounce by 1234 GMT, on track for its biggest daily gain since 19 August, after earlier hitting $4,050.99, its highest since 29 October, Reuters reports via Kitco. US gold futures for December delivery were up 2.9% to $4,054.60.

Why gold rose

The dollar slid after Democrats swept the US midterm elections. Reuters quotes Capital Economics' Hamad Hussain: "The elections appear to have boosted gold prices as investors become more worried about the fiscal outlook." Traders see an 82% chance the Federal Reserve will raise rates in December, according to CME FedWatch via Reuters, and Friday's US non-farm payrolls report is the next cue.

Other metals and demand

Silver gained 4.8% to $52.13, platinum rose 3.6% to $1,467.60, and palladium climbed 6.5% to $995.06. The World Gold Council reported on 3 November that central banks bought a net 321 tonnes in the third quarter of 2026, and that gold ETF holdings reached a record.

Sources: Reuters via Kitco, gold gains 3%, dollar slides after Democratic midterm gains, 4 November 2026; USA Gold, daily precious metals market report, 4 November 2026.