Gold Jumps About 3% Back Above $4,000 an Ounce as the Dollar Slides After the Democrats' Midterm Sweep
Gold prices surged on November 4, with spot gold climbing back above $4,000 an ounce. After Democrats regained control of both the Senate and the House in the November 3 midterm elections, the U.S. dollar softened and Treasury yields fell, drawing money into bullion.
By 1234 GMT, spot gold was up 3% at $4,046.74 an ounce, having earlier hit $4,050.99, its highest level since October 29, and was on track for its biggest daily gain since August 19. U.S. gold futures for December delivery rose 2.9% to $4,054.60. Earlier in the session, spot gold had already climbed 2.2% to $4,016.01 by 0619 GMT.
Chris Weston, head of research at Pepperstone, said a weaker dollar and a sharp decline in both nominal and real U.S. Treasury yields were clearly providing support for gold. The dollar index fell about 0.6% to around 101.27, its lowest level in roughly a month, while global stocks slumped the same day.
On the rate outlook, CME's FedWatch tool showed traders pricing in a roughly 80% chance that the Federal Reserve will raise rates in December. Markets are now looking ahead to the U.S. non-farm payrolls report due on Friday for fresh clues on the Fed's policy path.
The World Gold Council said on November 3 that central banks and other official institutions bought a net 321 tonnes of gold in the third quarter, up 42% year over year and the highest quarterly total since the fourth quarter of 2024, while holdings in physically backed gold exchange-traded funds rose to a record 4,256 tonnes.
Source: Reuters
Published by GSM · USA (original Chinese edition)
Photo: 图：金条资料图。CC0，经 Wikimedia Commons。 / Photo: Gold bullion bars, file photo. CC0, via Wikimedia Commons.
