Gold Price Rises 0.75% on Nov 5, 2026 as Treasury Yields Fall

Key takeaways

• The gold price rose 0.75% on Thursday. Kitco data show spot gold (XAU/USD) at $4,089.60 an ounce at 16:27 New York time (21:27 UTC) on November 5, 2026, up $30.40 on the day, after a session high of $4,148.00.
• Gold gave back part of its early gain. Kitco reported spot gold near $4,119.50 in early US trading, after an earlier high of $4,146.63, its highest since October 20.
• US Treasury yields extended their post-election fall: the 10-year yield dropped to 4.84% from 4.90% and the 10-year real yield to 2.60% from 2.64%, official US Treasury data show.
• December COMEX gold futures last traded at $4,099.30 at 21:20 UTC, up 0.65% from Wednesday's $4,073.00, while December COMEX silver futures slipped 0.50% to $51.860, Yahoo Finance data show.
• The Bank of England raised its policy rate to 4% from 3.75% in an 8-1 vote, Reuters reported, and the Nasdaq Composite fell 5.52% in an AI-led stock selloff.

Session recap

Gold added to Wednesday's post-midterm surge (see our November 4 gold brief), though it closed well below its intraday peak. For other regions, see Asian and global market closes. Kitco's spot quotes ranged from $4,057.50 to $4,148.00 over the session. In early US trading, Kitco's AM report put spot gold near $4,119.50, up $60.30 or 1.49%. By 21:27 UTC the bid had eased to $4,089.60, still 0.75% above the previous close.

Spot metals are Kitco New York bids at 16:27 local time (EST), with changes as shown by Kitco against the previous close (implied prior spot gold close: $4,059.20). Futures prices are last trades, not official settlements; changes are measured from the November 4 daily values recorded by Yahoo Finance ($4,073.00 for gold, $52.120 for silver, 101.510 for the dollar index), which differ slightly from the late last trades quoted in our Wednesday brief. Yahoo Finance put the December gold contract's session range at $4,067.00 to $4,155.80. Treasury yields are published to two decimals, based on quotes near 15:30 New York time; changes compare with November 4. LBMA Gold Price benchmarks were not publicly available at the time of writing.

Platinum and palladium outperformed again, while silver lagged gold after its sharp gain on Wednesday.

What drove it

Yields kept falling after the midterms

Treasury yields fell for a second straight session after Democrats won control of Congress. The 2-year yield, the maturity most sensitive to Federal Reserve expectations, dropped 12 basis points to 4.46%, and the 10-year fell 6 basis points to 4.84%, Treasury data show. The 10-year real yield, the return on inflation-protected Treasuries, slipped to 2.60% and the 5-year real yield to 2.33% from 2.39%. Lower real yields reduce the opportunity cost of holding gold, which pays no interest. Kitco's AM report headline put the gain down to "falling yields, softer labor costs."

US data: claims fell, labour costs dropped

Initial jobless claims fell by 6,000 to 189,000 in the week ended October 31, below a forecast of about 196,000, Kitco reported. Third-quarter nonfarm productivity rose at a 3.6% annualised pace, while unit labour costs fell 0.7%, reversing a revised 1.9% rise in the second quarter, according to the same report. Falling unit labour costs point to less wage-driven inflation pressure, which can ease the case for higher rates.

Fed hike bets eased but did not vanish

Futures markets still treated a quarter-point Fed hike at the December 8–9 meeting as the more likely outcome, though slightly less so than before the election, Kitco reported. The Fed held its target range at 3.75%–4.00% in October, with two policymakers favouring an immediate increase, the report said. Kitco warned that continued expectations of December tightening could limit how far gold's recovery runs.

Stocks slumped, gold pared gains

The Nasdaq Composite fell 5.52% to 24,315.00, Yahoo Finance data show, its worst day in 19 months according to CNBC. CNBC tied the selloff to worries that the AI build-out will slow after the Democratic sweep of Congress, along with rising rates, heavy capital needs and a weak forecast from Qualcomm. Gold drifted down from its morning high as equities fell. The cause of that pullback has not been confirmed; in past sharp equity selloffs, some investors have sold gold to raise cash.

The dollar was flat by the close

The dollar was soft in early US trading, Kitco said, but the US Dollar Index ended up 0.08% at 101.594, Yahoo Finance data show. A flat dollar meant Thursday's support came mainly from rates rather than currency moves.

Political & policy watch

• Bank of England. The Bank of England raised Bank Rate to 4% from 3.75%, its first increase since August 2023, Reuters reported in a story carried by Investing.com. Catherine Mann voted for a half-point rise. Governor Andrew Bailey said the move "should not be seen as the first in an inevitable long sequence of hikes," but added that "unless the conflict in the Middle East is resolved, neither does it seem likely to be the last increase."
• US Congress and AI policy. Democrats' control of both chambers has raised concern about tighter rules for data centres, CNBC reported. Our analysis of what the midterm results mean for ASEAN markets and of a Democratic Congress, tariffs and ASEAN exporters covers the regional angle.
• Oil and the Middle East. Brent rose about 1.6% to $96.15 a barrel in early US trading after falling more than 8% on Wednesday, Kitco reported; the report did not specify the contract. Bailey linked the UK rate outlook to the conflict in the Middle East, according to Reuters.

What to watch next

• November 6, 13:30 UTC: US October non-farm payrolls report. Economists expect payrolls to rise by about 50,000 to 60,000 and the unemployment rate near 4.2%, Kitco reported.
• November 6, 15:00 UTC: Preliminary University of Michigan consumer sentiment for November, according to Kitco.
• December 8–9: The Fed's next policy meeting, according to Kitco.
• Each London business day: LBMA Gold Price AM (10:30 London) and PM (15:00 London) benchmarks.

Risk checklist for readers

• Intraday highs are not closes. Spot gold touched $4,148.00 during Thursday but ended $58.40 below that high; headlines written early in a session can overstate the day's move.
• Payrolls can reset Fed bets. A single jobs report can shift rate expectations, and with them yields and gold, within minutes.
• Equity stress cuts both ways. Sharp stock selloffs can lift demand for havens, but they can also force selling of assets such as gold to cover losses.
• Watch real yields, not just nominal ones. The 10-year real yield from the US Treasury shows the inflation-adjusted return that competes with gold.
• Silver and the platinum group are more volatile. They often move further than gold in percentage terms, in both directions.
• Local prices also depend on currencies. For buyers in Indonesia, Thailand or elsewhere in ASEAN, the local gold price moves with both XAU/USD and the exchange rate.
• Use primary data. The Federal Reserve, US Treasury, CME Group, LBMA and the World Gold Council publish the figures behind most headlines.

This article is for information only and is not investment advice.