Gold Price Gains 4.99% in Week to Nov 6, 2026 After Midterm Rally

Key takeaways

• Spot gold (XAU/USD) rose 4.99% in the week to November 6, 2026, to $4,068.77 an ounce as of 21:28 UTC on Friday, from $3,875.44 at the October 30 close, Investing.com data show. Kitco's spot bid at 21:28 UTC was $4,062.40.
• December COMEX gold futures gained 4.51% on the week to $4,074.60 (last trade, 21:20 UTC Friday), from $3,898.90 a week earlier, Yahoo Finance data show; the contract ranged from $3,889.00 to $4,155.80.
• The biggest move came on Wednesday, November 4, when spot gold jumped 3.35% after Democrats won control of both chambers of Congress and the dollar fell, according to a Reuters report carried by Kitco.
• Gold slipped 0.46% on Friday after US payrolls rose by 165,000 in October against expectations of about 65,000, Kitco reported, lifting the dollar and short-term yields.
• December COMEX silver futures outpaced gold with a 5.85% weekly gain to $51.970, while the US Dollar Index ended the week 0.39% higher at 102.280.

Week in review

Gold recovered most of the ground lost in the late-October selloff, when CNBC reported that spot gold hit a one-year low of $3,869.85 on October 30 (see our analysis of gold's drop below $4,000). The rebound came mainly in midweek, after the US midterm results, before a strong jobs report trimmed gains on Friday. For other regions, see Asian and global market closes.

Spot gold and futures for November 6 are late-session prices, not official settlements; spot gold trades until 22:00 UTC on Friday. Prior-week futures and dollar values are Yahoo Finance daily closes for October 30. Highs and lows cover November 2–6. Treasury yields are published to two decimals and based on quotes near 15:30 New York time; their highs and lows are daily readings. LBMA Gold Price benchmarks were not publicly available at the time of writing and are not included.

Day by day

• Monday, Nov 2: Spot gold rose 1.86% to $3,947.67, Investing.com data show. Reuters, in a report carried by Kitco, said lower oil prices eased inflation worries and a softer dollar helped; oil fell more than 6% after Iran-Qatar talks aimed at ending the war on Iran.
• Tuesday, Nov 3: Spot gold fell 0.49% to $3,928.50 as the 10-year Treasury yield rose to 4.95% from 4.91%. The World Gold Council reported that central banks bought 321 tonnes of gold in the third quarter, up 42% from a year earlier.
• Wednesday, Nov 4: Spot gold jumped 3.35% to $4,060.02 after Democrats won the Senate and the House. Reuters, via Kitco, said the move was on track for gold's biggest daily gain since August 19.
• Thursday, Nov 5: Spot gold added 0.68% to $4,087.71 after touching $4,147.02, as the 2-year Treasury yield fell to 4.46% and the 10-year real yield to 2.60%. Gold pared gains as the Nasdaq Composite fell 5.52%, Kitco reported.
• Friday, Nov 6: Spot gold slipped 0.46% to $4,068.77 after the October jobs report. The US Dollar Index rose 0.72% on the day to 102.280.

What drove it

The midterm result and fiscal worries

Wednesday's surge followed Democratic wins in both chambers of Congress, including in seats long held by Republicans, Reuters reported in a story carried by Kitco. Hamad Hussain of Capital Economics told Reuters that "the elections appear to have boosted gold prices as investors become more worried about the fiscal outlook." The dollar fell the same day, which makes gold cheaper for buyers using other currencies. Our analysis of the midterm results for ASEAN markets covers the regional angle.

Oil and inflation expectations

Monday's rebound came as oil fell on hopes of talks to end the US-Iran conflict, Reuters reported via Kitco. Peter Grant of Zaner Metals said, according to that report, that "weaker oil prices have provided some relief ... in terms of reducing inflation concerns." Lower inflation fears reduce pressure for higher interest rates, which helps a metal that pays no interest.

Yields: lower nominal, slightly higher real

The 10-year Treasury yield fell 8 basis points over the week to 4.86%, and the 2-year yield 5 basis points to 4.51%, US Treasury data show. The 10-year real yield, the return on inflation-protected Treasuries, ended 3 basis points higher at 2.63%. That mix suggests the drop in nominal yields mostly reflected lower inflation expectations rather than a cheaper real cost of holding gold.

Payrolls and the Fed

US nonfarm payrolls rose by 165,000 in October, the unemployment rate fell to 4.1% from 4.2% and average hourly earnings rose 0.4% on the month, Kitco reported from Labor Department data. The data strengthened the case for a December Fed rate increase, Kitco and CNBC reported, citing futures pricing. Independent metals trader Tai Wong told CNBC the report was "a litmus test for this week's rally." CNBC also reported that two Fed officials on Thursday backed small, steady rate increases.

Physical and official demand

The World Gold Council's third-quarter report, published November 3, showed central bank purchases of 321 tonnes and net gold ETF inflows of 211 tonnes, while jewellery consumption fell 17% from a year earlier. CNBC reported that lower prices encouraged Indian retail buying ahead of Diwali. Weekly ETF holdings data for this week were not available to Bullquill at the time of writing.

Political & policy watch

• US Congress. Democrats will control both chambers after the November 3 midterms, Reuters reported via Kitco. Analysts quoted by Reuters linked the result to fiscal concerns; how the new Congress will act on spending and tariffs is not yet known.
• Federal Reserve. The Fed's next meeting is on December 8–9, according to Kitco. Some Fed officials have signalled support for further increases, CNBC reported. See our central bank meeting calendar.
• Iran. A senior Iranian official said Iran and the United States remained far from a deal to end their war, and President Trump had not ruled out resuming US combat operations, Reuters reported via Kitco on November 4. CNBC reported on Friday that Brent was on track for a sharp weekly drop on de-escalation hopes. Bullquill has not independently verified the status of the talks.

What to watch next

• November 10, 13:30 UTC: US October consumer price index, according to Kitco.
• November 13, 13:30 UTC: US October producer price index, according to Kitco.
• December 8–9: Federal Reserve policy meeting.
• Each London business day: LBMA Gold Price AM (10:30 London) and PM (15:00 London) benchmarks.

Risk checklist for readers

• Inflation data can move rates quickly. The November 10 CPI report can shift Fed expectations, and with them yields and gold, within minutes.
• Spot and futures differ. Spot gold and December futures closed the week at different levels and with different percentage gains; always check which instrument a headline quotes.
• Watch real yields. The US Treasury's daily real yield table shows the inflation-adjusted return that competes with gold.
• Equity stress cuts both ways. Sharp stock selloffs can lift haven demand, but margin calls can also force selling of gold, as Reuters reported happened on October 30.
• Silver is more volatile. It rose more than gold this week and fell more in the late-October selloff.
• Local prices 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.