Gold Price Today: Bullion Rises Above $4,100 as Treasury Yields Fall

Key Takeaways

• Spot gold traded at $4,126.27 an ounce at 02:02 GMT on November 5, up 1.65% in early Asian trading.
• Falling US Treasury yields supported bullion following the US midterm elections.
• Friday’s US employment report remains a key catalyst for the dollar, interest-rate expectations and gold.

Gold Extends Its Recovery Above $4,100

Gold prices advanced on Thursday, November 5, extending their recovery as lower US Treasury yields improved the appeal of the non-interest-bearing metal.

Spot gold reached $4,126.27 per ounce at 02:02 GMT, equivalent to 10:02 a.m. in Beijing and 6:02 a.m. in Dubai. The quoted price represents an intraday snapshot rather than a closing price.

The advance followed a strong Wednesday session. US gold futures for December delivery settled 3.4% higher at $4,073 an ounce. Spot bullion had recently fallen to $3,869.85 on October 30, its lowest level since October 2025, before reclaiming $4,000 this week.

The rebound puts attention on whether gold can retain those gains as investors move from assessing the election result to evaluating fresh economic data.

Weaker Dollar Supports Gold After US Elections

Wednesday’s rally developed alongside a decline in the US dollar to its lowest level in more than a month after Democrats won control of both chambers of Congress.

Investors reassessed the outlook for economic policy under a divided government. Market commentary suggested that legislative constraints could weigh on activity and eventually create more room for easier monetary policy. Those expectations helped support bullion.

A weaker dollar generally makes dollar-priced gold less expensive for buyers using other currencies. Lower bond yields can provide additional support by reducing the income investors forgo when holding gold.

However, the election outcome does not determine Federal Reserve policy. Inflation, employment and broader financial conditions will remain central to the interest-rate outlook.

Lower Oil Prices Create a Mixed Backdrop

Oil’s sharp decline after the election has added another factor to the gold outlook. Investors have been weighing whether stronger political pressure could increase the likelihood of a negotiated end to the Iran conflict.

Brent settled at $94.62 a barrel on November 4, down 8.7%, while WTI fell 8.3% to $88.12. The move reflected changing expectations about the conflict rather than a confirmed agreement. wealthinsights.metrobank.com.ph

For gold, easing geopolitical tension can reduce demand for protection. At the same time, a sustained decline in energy costs could ease inflation pressure and reduce the need for restrictive interest rates.

These channels can pull bullion in different directions. The market response will depend partly on whether changes in the dollar and yields outweigh changes in demand for protection.

US Payrolls Could Test the Rally

The US nonfarm payrolls report due on Friday is the next major focus. Investors are looking for evidence that could alter expectations for monetary policy after the Fed kept rates unchanged in October.

Stronger employment and wage growth could reinforce expectations that interest rates will remain elevated, potentially supporting the dollar and limiting gold’s advance. Softer figures could have the opposite effect.

The reaction will also depend on revisions and the unemployment rate, rather than the headline jobs number alone.

Gold Outlook Remains Sensitive to Yields

Gold’s recovery above $4,100 marks a substantial improvement from last week’s lows. Its ability to sustain the rebound will depend on the direction of Treasury yields, the dollar and upcoming economic releases.

The $4,100 and $4,000 levels provide round-number reference points, although they should not be treated as confirmed technical support without further price evidence.

Continued dollar weakness could help bullion retain its gains. A reversal in yields or stronger US data could expose the rally to renewed selling.

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