Daily note · 4 November 2026
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.
XAUUSD
$4,038.61
spot · 14:24 GMT · +2.76%
DXY
101.36
Tue close 101.87
UST 2Y / 10Y
4.61% / 4.95%
CMT · 3 Nov
Catalyst
US ISM services
15:00 UK · NFP Fri 13:30
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.
Educational market commentary for information and knowledge sharing only. Not investment advice. Disclaimer & risk warning.
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