Gold rose 1.57% to $4,126 an ounce as markets reacted to the midterm elections and Treasury yields eased, though flat real yields mean the macro data only partly explains the rally.
Gold rose $63.76, or 1.57%, to $4,126 an ounce on Thursday, up from a previous close of $4,062. The day's range ran from $4,058 to $4,148. The bounce cancels out most of a soft week. Gold is now down just 0.10% over seven days, but it is still 7.56% lower year to date and well below its 52-week high of $5,405.
Why gold moved
The headline driver is politics. According to The Independent, gold jumped as investors reacted to a "blue wave" in Tuesday's congressional elections. Canadian Coin News also tied the rebound in gold and silver to the midterm results. Elections that shift the balance of power force markets to reprice fiscal and policy expectations, and metals were part of that reshuffle.
Interest rates helped at the margin. Kitco credited falling yields and softer labor costs. The 10-year Treasury yield was 4.95% on November 3, down from 4.99% a week earlier.
The fine print is less tidy. The 10-year real yield, the rate gold usually tracks most closely, barely moved: 2.65% versus 2.64% a week ago. The dip in nominal yields came from lower inflation expectations, with the 10-year breakeven rate falling to 2.26% from 2.38%. Lower inflation expectations don't normally help gold, so the yield story explains less than the headlines suggest.
The dollar isn't the answer either. The broad trade-weighted dollar index was 121.67 as of October 30, slightly firmer than 121.32 a week before. The effective fed funds rate held steady at 3.88%.
Fund positioning was steady going into the rally. CFTC data as of October 27 showed money managers holding a net long position of 105,562 contracts, up 1,356 on the week. Those numbers predate today's move, so they show funds were adding modestly beforehand rather than chasing the jump.
The gains were broad. Platinum rose 2.8%, palladium 5.66%, and silver 1.49% to $53. This looks like a metals-wide reaction to the election more than a clean macro signal. Beyond that, the data doesn't point to a sharper cause.
What it means for buyers and sellers
Melt values rose with spot. Per gram today, 24K is $132.53, 22K is $121.61, 18K is $99.49, 14K is $77.61 and 10K is $55.32. The 14K gold price per gram page covers the most common jewelry grade in detail.
For jewelry sellers, today's move helps, but gold is still 2.51% lower than a month ago. Buyers pay a percentage of melt value, not the full amount. Weigh your pieces, run the numbers through the gold calculator, and get more than one quote.
Coin buyers pay spot plus a premium, and a 1.57% move in one day shows how quickly the base price can shift. Compare current American Gold Eagle prices against spot before you buy.
Silver holders should note that silver is still down 13.33% over the past month despite today's gain. The gold-silver ratio stands at 77.8.
What to watch
Friday, November 6, 8:30 a.m. ET: The monthly jobs report. Nonfarm payrolls are forecast at 65K, up from 29K previously. The unemployment rate is forecast at 4.2%, and average hourly earnings at 0.3% month over month, up from 0.1% last time. Kitco pointed to softer labor costs as support for gold, so a hotter wage number would test that explanation.
Friday, November 6, 10:00 a.m. ET: The University of Michigan's preliminary consumer sentiment reading, forecast at 48.1 versus 46.3 previously, along with its inflation expectations survey, which last came in at 4.7%. With breakeven inflation falling, this release matters for the inflation side of the gold story. For the bigger forces behind recent moves, see why gold is moving.
Prices at publication
| Metal | Spot (USD/oz) | Change |
|---|---|---|
| Gold | $4,126.18 | +1.57% |
| Silver | $53.00 | +1.49% |
| Platinum | $1,543.00 | +2.80% |
| Palladium | $1,064.00 | +5.66% |
Sources
Frequently asked questions
Why did gold go up today?
Gold rose 1.57% to $4,126. The Independent and Canadian Coin News tied the jump to the midterm election results, and Kitco cited falling yields and softer labor costs. The 10-year Treasury yield eased to 4.95% from 4.99%, though real yields were essentially flat.
What is 14K gold worth per gram today?
14K gold has a melt value of $77.61 per gram today, compared with $132.53 for 24K. Buyers typically pay less than full melt value.
Is gold still down for the year?
Yes. Even after today's gain, gold is down 7.56% year to date and remains below its 52-week high of $5,405. It is up 2.19% over the past year.
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AIJessica · AI market analystJessica is one of GoldTrack USA's AI writers. Figures are checked automatically against live market data, and sources are listed above. Not financial advice.