Gold
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After the Bell: Gold Holds Firm as Stocks Have Their Worst Day Since April 2025
THURSDAY, NOVEMBER 5, 2026 · ATLANTA, GA
ALEX LEXINGTON
THE PULSE · AFTER THE BELL
The Pulse · Listen now · 4:06
Thursday November 5: Gold Holds Firm as Stocks Have Their Worst Day Since April 2025
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MARKET SNAPSHOT
| Gold (spot) | About $4,088/oz, up about 0.7% |
| Silver (spot) | About $51.76/oz, down about 0.9% |
| S&P 500 | 7,353.85, down 4.35% (worst day since April 2025) |
| Nasdaq Composite | 24,315.00, down 5.52% |
| 10-Year Treasury | About 4.84%, down about 5 basis points |
| US Dollar Index | Near 101.3, close to a one-month low |
| WTI Crude | $90.52/bbl, up 2.7% |
| Brent Crude | Near $98–99/bbl, rebounding after Wednesday's drop |
| Jobless Claims | 189,000 (about 196,000–197,000 expected) |
| December Fed Hike Odds | About 70%, down from about 83% (CME FedWatch) |
THE METALS
Gold held its ground on a rough day for stocks. Spot gold rose about 0.7% to around $4,088 an ounce, adding to Wednesday's big jump. A softer dollar, near a one-month low, and falling Treasury yields did the lifting: a weaker dollar makes gold cheaper for buyers using other currencies, and lower yields reduce what investors give up by holding a metal that pays no interest.
Silver went the other way, slipping almost 1% to about $51.76. Silver is part precious metal and part industrial metal, so when investors worry about the economy, it often feels that pull.
THE STORY
The big story was on Wall Street. Stocks had their worst day since April 2025. The S&P 500 fell 4.35% and the Nasdaq Composite fell 5.52% as investors sold chip and artificial intelligence stocks, with some of the selling tied to worries that the new Democratic Congress could slow the buildout of AI data centers. When stocks slide this hard, money looks for shelter, and the 10-year Treasury yield fell to about 4.84%. Mortgage rates tend to follow that yield, so a lower yield can ease borrowing costs a little.
Meanwhile, Federal Reserve officials are talking about raising rates, not cutting them. Richmond Fed President Tom Barkin said a gradual pace of increases makes sense, and Cleveland Fed President Beth Hammack said gradual hikes are the best way to bring inflation back to target. Futures markets put the odds of a December hike at about 70%, down from about 83% a day earlier, according to CME FedWatch. That's a bet, not a promise.
First-time unemployment claims fell to 189,000, fewer than expected, so layoffs remain low. Worker productivity grew 3.6% in the third quarter, faster than forecast. Oil bounced back, with U.S. crude settling up 2.7% at $90.52 a barrel as tanker incidents in the Persian Gulf kept supply worries alive. Overseas, the Bank of England raised its key rate to 4% from 3.75%.
FROM OUR DESK
Today the flow ran one way. Customers were selling to us, mostly silver coins and bars, with some old gold and sterling silver jewelry mixed in. This is an observation of activity at our counter, not a market signal.
WHAT AN OUNCE BUYS
At tonight's price, one ounce of gold covers nearly three months of groceries for a family of four, based on the U.S. Department of Agriculture's moderate-cost food plan of about $1,389 a month (September 2026).
YOU ASKED
A listener asked: what is sterling silver, and is it worth anything as scrap? Sterling is 92.5% pure silver, usually stamped "925" or "sterling." Its scrap value comes from that silver content, so weight matters most. Silver-plated pieces have only a thin coat of silver over another metal, so they're worth far less. Whether to sell or keep a piece depends on your situation, so talk with a precious metals broker you trust, whether that's us or someone else.
WHAT IT MEANS FOR YOU
Borrowing: The 10-year Treasury yield fell to about 4.84%, and mortgage rates tend to follow it. But with the Fed leaning toward hikes, credit card and loan rates are likely to stay high for now.
At the pump: Oil rebounded toward $91 for U.S. crude, which keeps pressure on gasoline prices.
Your metals: Gold held steady on a day stocks fell sharply, while silver slipped with other economically sensitive assets. One ounce of gold equals nearly three months of a family's groceries at today's prices.
LISTEN TO THE PULSE
Hear this edition with the player at the top of this page, see all episodes, or follow The Pulse on Spotify.
WHAT TO WATCH TOMORROW
The October jobs report comes out Friday at 8:30 a.m. Eastern. Economists surveyed by Reuters expect about 65,000 new jobs and a 4.2% unemployment rate. A strong number could firm up the case for a December hike, and a weak one could do the opposite. We'll also watch whether the stock selloff continues and how gold and silver respond.
EPISODE TRANSCRIPT
Read the full transcript
Here's your Thursday evening update on what moved the markets today, and what it means for you. Gold held its ground on a rough day for stocks. Spot gold rose about 0.7%, to around $4,088 an ounce, adding to Wednesday's big jump. A softer dollar, near a one-month low, and falling Treasury yields did the lifting. Silver went the other way, slipping almost 1% to about $51.76. Silver is part precious metal and part industrial metal, so when investors worry about the economy, it often feels that pull.
The big story was on Wall Street. Stocks had their worst day since April of last year. The S&P 500 fell about 4⅓% as investors dumped chip and artificial intelligence stocks. When stocks slide this hard, money looks for shelter, and the 10-year Treasury yield fell to about 4.84%. Mortgage rates tend to follow that yield, so a lower yield can ease borrowing costs a little.
Meanwhile, Fed officials are talking about raising rates, not cutting them. Richmond Fed President Tom Barkin said a gradual pace of increases makes sense. Futures markets put the odds of a December hike at about 70%, down from about 83% a day earlier, according to CME FedWatch. That's a bet, not a promise. For savers, higher rates mean better yields on cash. For borrowers, card and loan costs stay high.
First-time unemployment claims fell to 189,000, fewer than expected, so layoffs remain low. And oil bounced back, with U.S. crude up almost 3% to about $90.50 a barrel on tanker trouble in the Persian Gulf. That keeps pressure on prices at the pump.
From our desk. Today the flow ran one way. Customers were selling to us, mostly silver coins and bars, with some old gold and sterling silver jewelry mixed in.
What an ounce buys. At tonight's price, one ounce of gold covers nearly three months of groceries for a family of four, based on the U.S. Department of Agriculture's moderate-cost food plan of about $1,389 a month.
You asked. A listener asked: what is sterling silver, and is it worth anything as scrap? Sterling is 92.5% pure silver, usually stamped 925 or sterling. Its scrap value comes from that silver content, so weight matters most. Silver-plated pieces have only a thin coat of silver over another metal, so they're worth far less. Whether to sell or keep a piece depends on your situation, so talk with a precious metals broker you trust, whether that's us or someone else.
What to watch tomorrow. The October jobs report comes out at 8:30 in the morning, Eastern time. Economists surveyed by Reuters expect about 65,000 new jobs and a 4.2% unemployment rate. A strong number could firm up the case for a December hike, and a weak one could do the opposite.
Enjoying The Pulse? Like, subscribe and join our newsletter, and tell us what news you want next. And grab our free Buyer's and Seller's Guide at alexlexington.com, yours to use with us or any dealer. That's your market for today. When you're ready to buy, sell or secure your precious metals, the Alex Lexington family is here for you. See you soon.
DISCLOSURE
This content is for education only and is not investment advice. Alex Lexington is a precious metals broker; prices quoted are approximate end-of-day spot and futures references and may differ from dealer prices. Odds from futures markets reflect market pricing, not forecasts. Sources: Yahoo Finance and investingLive (index, oil and metals closes); Trading Economics (gold, silver, Brent); Reuters via Discovery Alert and rallies.ai (dollar index, Fed hike odds, payrolls consensus); CME FedWatch via CNBC (December hike odds); ActionForex and CNBC (jobless claims, productivity, Bank of England); USDA Food and Nutrition Service, Official USDA Food Plans: Cost of Food at Home, September 2026 (moderate-cost plan).