Gold in New York rose above $4,000 per ounce — The Rio Times

In New York on November 4, the spot price of gold rose by about 3% and reached around $4,040 per ounce during trading, once again exceeding the $4,000 mark. Silver gained about 4.4%, to nearly $52 per ounce, The Rio Times reports.

The dollar and bond yields

According to the publication, precious metals rose after Democrats gained control of both chambers of the U.S. Congress in the midterm elections. The dollar index fell by 0.37%, to 101.49, while the yield on 10-year U.S. government bonds declined by 5 basis points, to 4.90%.

Lower bond yields reduce the opportunity cost of holding gold, which does not generate interest income. A weaker dollar also makes metals more affordable for buyers paying in other currencies.

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Exchange-traded fund performance

The gold-tracking GLD exchange-traded fund ended the session up 3.68%, at $372.49. The silver-linked SLV fund rose 5.17%, to $47.16. The platinum-focused PPLT fund added 5.6% and closed at $13.54.

At the same time, the increase came after a sharp decline in prices at the end of October. On October 30, gold fell to $3,875 per ounce, while silver dropped to $49.07. According to The Rio Times, the current movement may be a recovery after the previous decline rather than the start of a new upward trend.

Silver for Latin America

The rise in the price of silver is significant for Mexico and Peru, the world's largest producers of the metal. According to the Silver Institute, Mexico mined 172.9 million ounces of silver in 2025, while Peru mined 130 million ounces. Shares of Peruvian mining company Buenaventura in New York rose 7.6%, to $28.80.