Gold climbs to $4,113 as dollar, Treasury yields slip

November 05, 2026 (MLN): Gold prices rose on Thursday, helped by a weaker US dollar and lower US Treasury yields after Democrats’ sweeping victory in the US midterm elections.

Currently, spot gold is up 4.81% to $4,112.98 an ounce as of [10:49 am] PST, according to data reported by Mettis Global.

The dollar slipped as the midterm result removed a major source of market uncertainty and sparked a rally in global equities.

A softer greenback makes dollar-priced bullion cheaper for holders of other currencies.

The yield on the benchmark 10-year US Treasury note fell 6 basis points overnight and a further 1 basis point in early Tokyo trade to 4.87%.

Investors now await Friday’s US non-farm payrolls report for further cues on the Federal Reserve’s policy path.

According to CME’s FedWatch tool, traders see an 82% probability of the Fed raising rates in December. Higher rates increase the opportunity cost of holding non-yielding bullion, which dampens its appeal.

Separately, Citi set a 0-3 month price target of $4,500 per ounce for gold on Wednesday, saying it sees significant upside if the Strait of Hormuz reopens and the Yemen/Saudi conflict de-escalates by year-end, as it expects, according to CNBC.

Among other precious metals, spot silver rose 1.7% to $53.12 per ounce, platinum gained 2.1% to $1,527.65, and palladium climbed 2.6% to $1,030.14.

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