Gold rises more than 2% to $4,016 per ounce — Asharq Al-Awsat

In the United States, gold prices rose by more than 2% on November 4 amid a weaker dollar following Democratic victories in key midterm election races. As Asharq Al-Awsat reports, as of 06:19 GMT, the spot price of gold had climbed 2.2% to $4,016.01 per ounce.

US December gold futures also gained 2.2%, reaching $4,026.90 per ounce. Global stock markets were declining that day, while the dollar was weakening. A weaker dollar makes gold denominated in the US currency more affordable for buyers from other countries.

The impact of bonds and the dollar

Pepperstone head of research Chris Weston said that gold was supported by a weaker dollar, as well as a notable decline in nominal and real yields on US Treasury bonds. He also linked buyers’ interest in gold to demand for protection against the potentially unpredictable and confrontational policies of President Donald Trump’s administration.

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Traders were awaiting the release of the US nonfarm employment report scheduled for Friday. According to the CME FedWatch tool, market participants assessed the probability of a Federal Reserve rate hike in December at 79%. Higher rates increase the opportunity cost of holding gold, which does not generate interest income.

Movement of other precious metals

StoneX senior market analyst Matt Simpson called the $4,000-per-ounce level an obvious resistance level for gold and noted that a breakout in either direction could determine the next significant price move. Meanwhile, spot silver rose 3.8% to $51.67 per ounce, platinum gained 2.8% to $1,455.71, and palladium added 3.8% to $969.49.

The World Gold Council forecasts that gold demand in India may fall to a six-year low in 2026 due to high prices weighing on jewelry sales, as well as more moderate investment demand.