Gold Climbs Back Above $4,000 and Silver Jumps 6% to $52 as the Dollar and Yields Fall After the Midterms
Precious metals had their best day in weeks as Treasury yields slid, the dollar weakened and traders repriced a Congress that will spend less, with gold ending near $4,074.
Wednesday, November 4, 2026/2 min read
Gold needed one day to repair most of last week's damage. By 8:45 a.m. Eastern on Wednesday it was $4,046 an ounce, up $98 or 2.5 percent from the same time on Tuesday, Fortune's daily check showed, and by the New York close The Motley Fool had it up 3.38 percent at $4,073.70, with the 10-year Treasury yield down about six basis points to 4.89 percent, per the Fool's closing report. Yesterday we had gold at $3,921 and silver back under $50 as the polls opened.
Silver did more. Fortune's 7 a.m. Eastern print was $52 an ounce, up $2.96 or 6 percent from Tuesday's $49.04, though still 14.4 percent below a month ago and 10.3 percent above a year ago, the magazine reported. At $4,046 and $52 the gold-silver ratio sits near 78, down from the 79-plus we flagged when silver first broke $50 at the end of October.
Gold ended last week at $3,875 with silver below $50. Wednesday's move puts both back above the levels that broke that week, and it does so on a day when stocks rallied too, which is the tell.
Why did gold rise when stocks also rallied?
Because this was a rates trade, not a fear trade. The Democratic sweep sent Treasury yields and the dollar lower on the view that a divided government will borrow and spend less; equities, metals and bonds all rose together, the classic sign of investors repricing the path of interest rates rather than running for cover. Gold had fallen 5.9 percent in October as traders hardened bets on a Federal Reserve hike after the 28 October decision; Wednesday unwound a slice of that. The dollar's weakness also helps every non-dollar buyer, including the Indian and Gulf retail demand that matters in Diwali week.
The caveat is that the week's biggest data point is still to come. The October jobs report lands on Friday, and a hot print would revive the hike talk that sank gold last week.
Is silver's rebound different from gold's?
Silver is the higher-beta version of the same trade, and it had further to come back. Even after a 6 percent bounce it sits 14 percent below where it stood a month ago, when it traded above $60, while gold is less than 3 percent below its level of a month ago. The ratio narrowing from 79 to 78 is modest, and a larger move would need more than a weaker dollar.
What do the charts and the calendar say next?
Gold is back above $4,000 after spending most of the past week below it. The next round number up is $4,100, and the level that matters below is the $3,875 low from 30 October. We laid out the bank forecasts on both sides of that range in our survey of the strategists last week; none of them changed their numbers on an election. Friday's payrolls will tell us whether Wednesday was a turn or a bounce.
Published in The Outspoken Digest
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