Gold
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After the Bell: Gold Jumps 3% as the Midterms Sink the Dollar
WEDNESDAY, NOVEMBER 4, 2026 · ATLANTA, GA
ALEX LEXINGTON
THE PULSE · AFTER THE BELL
The Pulse · Listen now · 4:29
Wednesday November 4: Gold Jumps 3% as the Midterms Sink the Dollar
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MARKET SNAPSHOT
| Gold (spot) | About $4,060/oz, up about 3.3% on the day; biggest one-day gain since August |
| Silver (spot) | About $52.20/oz, up nearly 5% |
| US Dollar | Fell to its weakest level in about a month |
| 10-Year Treasury | About 4.89%, down roughly 6 basis points |
| WTI Crude | About $88/bbl, down about 8.3% |
| Brent Crude | About $94.60/bbl, down about 8.7% |
| S&P 500 | 7,689, up about 1.6% |
| Dow | 53,356, up more than 1,500 points (about 3%) |
| ADP Private Payrolls (Oct) | +86,000, above forecasts |
| December Fed Hike Odds | Roughly 80%, per CME FedWatch (a market bet, not a promise) |
THE METALS
Gold jumped about 3% on Wednesday to around $4,060 an ounce, its biggest one-day gain since August, and it is back above the $4,000 mark. Silver did even better, rising nearly 5% to about $52.
The spark was the midterm election. Democrats won both chambers of Congress, the dollar fell to its weakest level in about a month, and Treasury yields dropped. A cheaper dollar makes gold less expensive for buyers around the world, and lower interest rates make a metal that pays no interest easier to hold.
THE STORY
The election moved more than metals. The Dow jumped more than 1,500 points, about 3%, and the S&P 500 rose about 1.6%. Oil had an even bigger day: U.S. crude fell more than 8% to about $88 a barrel, and Brent, the global benchmark, fell to about $95, after Vice President Vance tied his party's losses to the war with Iran. Traders read that as pressure for a peace deal, though none has been announced.
The 10-year Treasury yield, which steers mortgage rates, eased to about 4.9%. What is holding gold back is the Federal Reserve. A private jobs report from ADP showed 86,000 new jobs in October, more than expected, and futures markets put the odds of a December rate hike at roughly eight in ten. That is a bet, not a promise.
FROM OUR DESK
At our desk today, nearly everyone who came in was selling rather than buying, led by silver coins and bars, with some old gold and silver jewelry mixed in. This is an observation of what customers did, not a signal.
WHAT AN OUNCE BUYS
With regular gas averaging about $4.12 a gallon nationally, according to AAA, one ounce of gold would fill a 15-gallon tank about 65 times.
YOU ASKED
A listener asked: when you buy gold or silver, how do dealers usually want to be paid? Most accept bank wires and cashier's checks. Some take personal checks but hold the metal until the check clears. Credit cards often cost more, because card fees are built in. Cash payments over $10,000 must be reported to the IRS. Policies differ, so ask a precious metals broker you trust, whether that's us or someone else.
FROM THE FAMILY
One more thing from our family. With gold back above $4,000, a lot of you have asked where to keep your metals once you own them. That's why we built SECURE: secure, fully insured storage right here in Atlanta, so your gold and silver are protected without keeping them at home. Ask us about SECURE at alexlexington.com.
WHAT IT MEANS FOR YOU
Borrowing: The 10-year yield eased to about 4.9%, a small help for mortgage rates. But if the Fed does raise rates in December, car loans and credit cards would get pricier, while savings accounts would pay more.
At the pump: Crude fell more than 8% today. Cheaper crude tends to reach the pump within a few weeks; the national average was about $4.12 a gallon today.
Your metals: Gold is back above $4,000 and silver is near $52. Moves like today's can be large in both directions, so it helps to know what your metals are worth before you decide anything.
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
A rate decision from the Bank of England, and new U.S. numbers on productivity and weekly jobless claims. Then Friday brings the October jobs report, the big one for the Fed.
EPISODE TRANSCRIPT
Read the full transcript
Here's your Wednesday evening update on what moved the markets today, and what it means for you. Gold jumped about 3% today, its biggest one-day gain since August, to around $4,060 an ounce, back above the $4,000 mark. Silver did even better, up nearly 5% to about $52. The spark was the midterm election. Democrats won both chambers of Congress, the dollar fell to its weakest level in about a month, and Treasury yields dropped. A cheaper dollar makes gold less expensive for buyers around the world, and lower rates make a metal that pays no interest easier to hold.
The election moved more than metals. The Dow jumped more than 1,500 points, about 3%, and the S&P 500 rose about 1.5%.
Oil had an even bigger day. U.S. crude fell more than 8% to about $88 a barrel, and Brent, the global benchmark, fell to about $95, after Vice President Vance tied his party's losses to the war with Iran. Traders read that as pressure for a peace deal, though none has been announced. What it means for you: cheaper crude tends to reach the pump within a few weeks.
The 10-year Treasury yield, which steers mortgage rates, eased to about 4.9%, a small help for borrowers.
What's holding gold back is the Fed. A private jobs report from ADP showed 86,000 new jobs, more than expected, and futures markets put the odds of a December rate hike at roughly 8 in 10. That's a bet, not a promise. A hike would mean pricier car loans and credit cards, but better yields on savings.
At our desk today, nearly everyone who came in was selling rather than buying, led by silver coins and bars, with some old gold and silver jewelry mixed in.
What does an ounce buy? With regular gas averaging about $4.12 a gallon, according to AAA, one ounce of gold would fill a 15-gallon tank about 65 times.
A listener asked: when you buy gold or silver, how do dealers usually want to be paid? Most accept bank wires and cashier's checks. Some take personal checks but hold the metal until the check clears. Credit cards often cost more, because card fees are built in. Cash over $10,000 must be reported to the IRS. Policies differ, so ask a precious metals broker you trust, whether that's us or someone else.
One more thing from our family. With gold back above $4,000, a lot of you have asked where to keep your metals once you own them. That's why we built SECURE: secure, fully insured storage right here in Atlanta, so your gold and silver are protected without keeping them at home. Ask us about SECURE at alexlexington.com.
What to watch tomorrow: a rate decision from the Bank of England, and new U.S. numbers on productivity and weekly jobless claims. Then Friday brings the October jobs report, the big one for the Fed.
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. It is not a recommendation to buy or sell any precious metal or security, and nothing here considers your personal situation. Market figures are approximate closing or late-session levels for Wednesday, November 4, 2026. Sources: Kitco, Reuters (via Kitco), Trading Economics, The Motley Fool, OilPrice.com, The Asia Business Daily, AAA Gas Prices, CME FedWatch (as reported), ADP (as reported).