Gold up 2.9%, silver 4.5% as Democrats take Congress
In short
- Gold rose about 2.9% to around $4,041 an ounce in early US trading on 4 November; silver gained 4.5% to about $51.91.
- Democrats won both the House and the Senate. The dollar index fell to a one-month low and the 10-year Treasury yield eased to about 4.93%.
- The Fed held at 3.75%–4.00% last week. Markets price about an 80% chance of a hike on 8–9 December.
Gold and silver jumped on Wednesday after Democrats took control of both chambers of Congress, pulling the dollar and Treasury yields lower. On HawkValue’s data at 21:41 Sofia time (19:41 GMT), gold was £3,016 an ounce and silver £38.76; in euros, gold was up 2.5% on yesterday’s close and silver up 4.7%.
What happened
According to Kitco, at 8:55 a.m. in New York gold was near $4,041.30 an ounce, up $111.90 or 2.85%. It climbed back above $4,000 after October’s correction. Silver was near $51.91, up 4.50%.
Kitco’s reading of the cause: Democrats won majorities in both chambers. Markets expect legislative gridlock and possibly more restrained federal spending for the rest of Trump’s term. The dollar index hit its lowest level in about a month, then recovered part of the drop and sat near 101.3. The 10-year Treasury yield was around 4.93% and the 2-year around 4.60%. Unresolved US–Iran tensions and risks around the Strait of Hormuz also support demand for gold.
Kitco Research notes that gold rose an average of 14% in the 12 months after the last 13 midterm elections. That is history, not a forecast.
Interest rates stay in focus. The Fed held its rate at 3.75%–4.00% and two policymakers wanted a 25-basis-point hike. Kitco says markets put the chance of a hike on 8–9 December near 80%. Gold pays no interest, so higher rates tend to weigh on it.
What it means for you
The maths: 10 grams of gold (0.3215 troy oz) cost about £970 at the spot price at 21:41 Sofia time (19:41 GMT). The cheapest 10g bar in stock in HawkValue’s comparison is £1,024.29 (Baird & Co), about 5.6% over spot. £1,000 buys about 10.3g at spot and about 9.8g at the dealer’s price.
Live dealer prices are on our UK gold price page, and the silver page has the same for silver.
Bottom line
Gold and silver recovered part of October’s drop on a weaker dollar and lower yields. The next test is the Fed’s December meeting, where markets price a hike.
Sources: Kitco AM Report, 4 Nov 2026 · HawkValue (UK market data at 21:41 Sofia time (19:41 GMT))
Gold prices at UK dealers live →
For information only. This is not investment advice.
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