Lead story · key takeaway
Gold jumps about 2.8% back above $4,000 as the dollar slides after the midterms
Gold is up about $108 from Tuesday’s late close near $3,930, after an Asian low of $3,919.7, as the dollar fell and Democrats were projected to make gains in the US midterms. Spot is $4,038.61 at 14:24 GMT (indicative, delayed by publication) ahead of US ISM services at 15:00 UK and payrolls on Friday.

Chart: gold futures GC=F daily candles with 20-day average (Yahoo Finance data, plotted 14:30 GMT, 4 Nov 2026). Futures trade at a premium to spot, so chart levels differ from the spot strip.
BackdropA weaker dollar and lower yields after the midterms did the lifting; a hawkish Fed is the brake.
Market structureGold has reclaimed $4,000 and tested the 20-day average; the larger downtrend is intact below the 50-day. Nearest resistance $4,050, nearest support $4,032; full ladder alongside.