Gold at more than two-week high as dollar, yields weaken; U.S. payrolls data awaited

Gold prices rose to a more than two-week high on Thursday, November 5, 2026. The U.S. dollar and Treasury yields both weakened, and investors waited for U.S. employment data that could shape expectations for interest rates. CNBC, citing market reports, said the move followed a Democratic wave in the U.S. midterm elections. It also said lower oil prices had eased concerns about inflation.

Spot gold was up 1% at $4,100.27 per ounce by 2:05 p.m. ET (1905 GMT). Earlier in the session it reached a high of $4,146.63 per ounce, a level last seen on October 20. U.S. gold futures for December delivery settled 1% higher at $4,113.50 per ounce.

Thursday's gains followed a sharp jump the day before. Gold rose nearly 3.4% on Wednesday, its biggest daily rise since August 19. Prices are now up more than $250 this week from a one-year low of $3,869.85, which was hit on Friday.

The dollar was weaker over the same period. FXStreet reported that the U.S. Dollar Index (DXY) fell about 0.5% on Wednesday to trade near 101.35, after sliding below 101.50 as results showed Democrats winning control of Congress. On Thursday the index moved unevenly and revisited the 101.70 area. FXStreet linked that to a broad decline in U.S. Treasury yields. It also said hopes for diplomacy with Iran were weighing on the dollar.

Gold and the dollar often move in opposite directions. Gold is priced in dollars, so a weaker dollar makes it cheaper for buyers using other currencies. Lower Treasury yields also matter. Higher interest rates raise the opportunity cost of holding gold, which pays no interest. Falling yields reduce that cost, and rising yields increase it.

Attention is now on Friday's U.S. non-farm payrolls report, the monthly employment figure. The data is closely watched for signs of how the Federal Reserve might approach rate policy. Independent metals trader Tai Wong told CNBC that payrolls have been volatile lately. He said gold could be vulnerable to a stronger-than-expected reading. In his view, a strong print would likely confirm a December rate hike that is already highly expected. A weaker figure would point the other way for rate expectations. Such outcomes are uncertain, and market reactions to data can differ from what analysts anticipate.

The latest rally comes after a volatile stretch for the metal. Gold fell to a one-year low last Friday amid concerns about possible Fed rate hikes. It has since recovered a large part of that decline. Even after this week's gain, spot gold is trading around the $4,100 level, which is well above that low. It is still below the levels seen in the weeks before it.

The story brings together several themes that move currency and metals markets together. These include election outcomes, oil prices as a driver of inflation expectations, the direction of Treasury yields and the dollar, and upcoming labor-market data. Traders and analysts will watch how the payrolls report compares with forecasts. They will also watch whether the dollar and yields keep their recent direction.

This article is a summary of market reporting for information only. It is not investment advice, and it does not suggest that any market move will continue.

Follow EUR/USD, GBP/USD, USD/JPY and XAU/USD on Puqet: WOZILA, our forex & gold signal service, publishes trade ideas with a stated entry, stop-loss and take-profit, and explains how each one is tracked.

This is a news summary for general information only — not financial advice, and nothing here is a recommendation to buy or sell any currency or metal. Exchange rates and gold prices can move sharply around data releases and central-bank decisions, and trading them carries a real risk of loss, which leverage magnifies. Always verify against the original source and do your own research before making a financial decision.