Gold climbed back above $4,100 an ounce on Thursday, as investors sought safety from the Wall Street sell-off and festive buying picked up in India ahead of Dhanteras.

Front-month gold futures settled 1 per cent higher in New York at $4,102.50 a troy ounce, gaining $41.40 on the day, according to Dow Jones Market Data carried by the Wall Street Journal. It was gold's highest settlement since 21 October. Silver edged up 0.2 per cent to $52.233 an ounce. The gains came as yields and the US dollar weakened, making bullion cheaper for overseas buyers.

Safety first

The move was a classic flight to safety. As the Nasdaq confirmed a stock-market correction and the S&P 500 suffered its worst day since April 2025, money moved towards assets that hold their value when shares fall. Gold has played that role all year, even after a sharp pullback from its January record high of $5,318.40.

The metal is still well below that peak, and silver remains far from its own January high — a reminder that the rally has cooled considerably since the start of the year. But Thursday showed the safe-haven instinct is still alive.

In India, Dhanteras, the festival day when millions buy gold, falls on Friday 6 November. Prices have risen for four straight days, with 10 grams of 24-carat gold now costing about 1.44 lakh rupees, according to the India Bullion and Jewellers Association. Whether the rally holds depends on what happens next in both Washington and the Middle East. Market moves are not investment advice.

Sources: Wall Street Journal / Dow Jones Market Data, Gold flat after midterm-linked rebound, 5 November 2026; Patna Press, Gold and silver prices today, 5 November 2026; Univest, Gold prices after US midterm results, Dhanteras gold buying, 5 November 2026.