Gold firmed in Asian trade on Wednesday 4 November 2026. Democrats won control of the US Senate in Tuesday's midterm elections, and the US dollar and Treasury yields fell. A day earlier, on Tuesday 3 November, the World Gold Council said central banks bought a net 321 tonnes of gold in the third quarter. That is the fastest pace since the end of 2024. The council also expects India's gold demand to fall to a six-year low this year. On our MT5 feed gold is at $4,001.62, +2.01% over 24 hours. The next big test is the US jobs report on Friday 6 November.
What happened
Two separate stories drove gold searches across the Gulf, Egypt and the Levant in the last 24 hours. One was the US election result. The other was new demand data from the World Gold Council, the industry body of the gold mining sector. These are the key events:
The World Gold Council publishes its third-quarter Gold Demand Trends report. Central banks bought a net 321 tonnes of gold from July to September. That is 42% more than a year earlier and the most in a quarter since the end of 2024. Central bank buying so far this year reached 675 tonnes, 6% above the same period of 2025.
The World Gold Council says India's gold demand is expected to fall to about 650 tonnes in 2026, the lowest since 2020. Indian demand in the September quarter fell 29% from a year earlier to 162.5 tonnes. Jewellery demand fell 20% and investment demand fell 40%.
Americans vote in the midterm elections. Democrats win Senate seats held by Republicans in Texas, Ohio, Iowa, Kansas, North Carolina and South Carolina.
US media projections show that Democrats have won a majority in the Senate. Democrats are also on course to win the House of Representatives, where some races are still being counted.
US stock futures fall, Treasuries rally and the dollar softens. Gold edges higher, while silver and platinum slip.
Why the election moved gold
A Democratic Senate, and possibly a Democratic House, means President Donald Trump will face a Congress that can block or slow his agenda for the last two years of his term. Markets reacted first through the dollar and US bond yields. Both fell, and lower yields reduce the cost of holding gold, which pays no interest.
Gold had been under pressure from high oil prices and from expectations that the Federal Reserve will raise interest rates in December. Higher rates usually weigh on gold. That is why Wednesday's move is modest: the election helped, but the rate outlook has not changed yet.
What the World Gold Council data says
The quarterly report shows two very different buyers. Central banks buy gold for their reserves, and they bought more even as gold faced pressure from higher oil prices and interest rates. Households, who are more sensitive to price, did the opposite. In India, the world's second-largest gold consumer, high prices, rising living costs and a weak monsoon cut jewellery and investment buying.
For traders the point is simple. Steady central bank buying tends to support gold when prices dip. Weak jewellery demand in India and other consumer markets can limit how fast prices rise.
- 321 tonnes: net central bank purchases in Q3 2026, up 42% from a year earlier.
- 675 tonnes: central bank purchases so far in 2026, up 6% on the same period of 2025.
- About 650 tonnes: India's expected gold demand in 2026, the lowest since 2020.
- 162.5 tonnes: India's demand in the September quarter, down 29% year on year.
Gold, silver and the dollar on our feed
Gold (XAUUSD) is at $4,001.62 on our MT5 feed. It moved +2.01% over 24 hours and +0.05% over five days. Its five-day range runs from $3,870.14 to $4,011.47.
Platinum was weaker: it fell +1.14% to $1,446.17. Silver (XAGUSD) is at $51.25 (+3.96% in 24 hours). The US dollar index moved −0.24%. Brent crude (UKOIL) fell −1.83% to $107.68, which eased some of the inflation pressure that had weighed on gold.
Gold, silver, platinum and the US dollar index over the same five days, in % change:
Scenarios for the coming days
- The dollar stays soft: if Democrats confirm control of the House and the dollar and yields keep falling, demand for gold may hold up.
- Strong US jobs data: if Friday's payrolls report is strong, bets on a December Fed rate hike may rise, and gold may give back its election gains.
- Weak US jobs data: if hiring slows clearly, hike bets may fade, and gold may extend its rebound.
- Geopolitics: any change in US–Iran talks to end the war can move oil first and gold soon after, in either direction.
What to watch next
- Final House results: whether Democrats confirm control of both chambers of Congress.
- Friday 6 November, 16:30 Mecca time: the US non-farm payrolls report for October, the main data point this week for the Fed outlook.
- The US dollar and Treasury yields: they explain most of gold's day-to-day moves right now.
- Oil prices: lower oil eases inflation fears, which can reduce pressure for a rate hike.
- Central bank buying: monthly reserve data and the next World Gold Council updates.
Trading gold at TNFX
Gold (XAUUSD), silver (XAGUSD) and platinum (XPTUSD) are available as CFDs on MT4 and MT5, long or short. Around election results and US jobs data, spreads can widen and prices can jump. Use stop-losses and size positions for the risk. You can follow gold on the XAUUSD page.
Follow gold on MT5
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Common questions
Why did gold rise on 4 November 2026?
Gold edged higher in Asian trade because the US dollar and Treasury yields fell after Democrats won control of the US Senate in the midterm elections. A weaker dollar and lower yields usually support gold.
What did the World Gold Council say about central banks?
In its third-quarter report on 3 November 2026, the World Gold Council said central banks bought a net 321 tonnes of gold from July to September. That is up 42% from a year earlier and the most since the end of 2024.
Why is gold demand falling in India?
The World Gold Council expects India's demand to fall to about 650 tonnes in 2026, a six-year low. High prices, rising living costs and a weak monsoon are hurting jewellery and investment buying.
What is the gold price now?
On the TNFX MT5 feed gold is at $4,001.62. It moved +2.01% over 24 hours and +0.05% over five days.
Who won the 2026 US midterm elections?
Democrats won control of the US Senate, taking seats in Texas, Ohio, Iowa, Kansas, North Carolina and South Carolina from Republicans. They are also on course to win the House, where some races are still being counted.
What could move gold next?
The US jobs report on Friday 6 November at 16:30 Mecca time, the final House results, the US dollar and Treasury yields, and expectations for a Federal Reserve rate hike in December.