Gold firm at $3,939 with US midterm results in focus

November 04, 2026 (MLN): Gold prices were mostly steady on Wednesday as a weaker US dollar lent support ahead of the US midterm election results, while investors held back for the non-farm payrolls report due later this week for cues on the Federal Reserve’s policy direction.

Currently, spot gold is down 0.11% to $3,939.22 an ounce as of [09:32 am] PST, according to data reported by Mettis Global.

The dollar eased, Treasuries rallied and US stock futures fell as early Senate wins for Democrats raised expectations that they could take control of the chamber from President Donald Trump’s Republicans, although the final outcome remained unclear, according to Reuters.

According to CME’s FedWatch tool, traders see a 78% probability of the Fed raising rates in December.

Higher rates raise the opportunity cost of holding non-yielding bullion, which dents its appeal.

The US non-farm payrolls report is due on Friday.

Among other precious metals, spot silver shed 1.3% to $49.12 per ounce, platinum dropped 1.9% to $1,389.54, and palladium lost 0.6% to $928.23.

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