---
title: "PRECIOUS-Gold hits a two-week high as dollar, Treasury yields ease after US midterm elections"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/304380809.md"
datetime: "2026-11-05T03:45:52.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/304380809.md)
  - [en](https://longbridge.com/en/news/304380809.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/304380809.md)
generator: "portal-rs"
---

# PRECIOUS-Gold hits a two-week high as dollar, Treasury yields ease after US midterm elections

-   Gold posted its biggest daily gain since mid-August on Wednesday
-   US non-farm payrolls due on Friday
-   Traders price in 82% chance of Fed rate hike in December

By Sukanya Mitra

Nov 5 (Reuters) - Gold prices climbed nearly 2% to a two-week high on Thursday, supported by a weaker US dollar and lower US Treasury yields in the wake of a Democratic midterm election wave.

Spot gold (XAU=) rose 1.9% to $4,134.83 per ounce by 0316 GMT, hitting its highest since October 22. Bullion climbed about 3.4% on Wednesday, its biggest daily gain since August 19.

US gold futures (GCcv1) for December delivery climbed 1.8% to $4,144.20.

A weaker dollar and lower Treasury yields have helped gold recover above the key $4,000 level, though holding above that threshold remains crucial for the recovery outlook, said Linh Tran, market analyst at XS.com.

“If investment flows and yield movements continue to provide support, gold could stabilise above USD 4,000, also opening up an opportunity for a recovery toward USD 4,200, followed by USD 4,400,” Tran added.

The dollar edged lower on Thursday in the aftermath of an overwhelming victory by Democrats in US midterm elections that cleared a major source of uncertainty and fuelled a rally in global equities. (USD/)

A weaker dollar makes greenback-priced bullion more affordable for holders of other currencies.

The yield on benchmark 10-year US Treasuries (US10YT=RR) was down 6 basis points overnight and by a further basis point in early Tokyo trade to 4.87%. (MKTS/GLOB) (US/)

Market participants now await the US nonfarm payrolls report on Friday to further gauge the Federal Reserve’s monetary policy outlook.

Traders currently see an 82% chance that the Fed will raise rates in December, according to CME’s FedWatch tool.

Higher interest rates increase the opportunity cost of holding non-yielding bullion, reducing its appeal to investors.

Meanwhile, Citi has a 0-3 month price target of $4,500 per ounce for gold, it said on Wednesday, as it sees substantial upside potential if the Strait of Hormuz reopens and the Yemen/Saudi conflict de-escalates by the year-end, as it expects.

Among other metals, spot silver (XAG=) rose 1.7% to $53.12 per ounce, platinum (XPT=) gained 2.1% to $1,527.65 and palladium (XPD=) climbed 2.6% to $1,030.14.

Spot gold Vs US dollar

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**