Gold and silver had their best day in weeks on Wednesday, 4 November 2026. Spot gold, the price for immediate delivery, climbed back above US$4,000 an ounce, trading near US$4,040 at one point in New York.
The trigger was political. Democrats won control of both houses of the US Congress in Tuesday’s midterm elections, the dollar slid and bond yields fell, and investors bought metals.
Silver rose even more than gold, to near US$52 an ounce. Both metals had hit 12-month lows on 30 October, so this is a rebound from a deep drop rather than a new peak.
What matters today. A weaker dollar is lifting gold and silver at the same time, and the next test is whether gold can hold US$4,000 when US jobs data arrives on Friday.
01 The session in one read
Gold and silver jumped together on 4 November as the dollar fell. The gold fund GLD closed up 3.68% and the silver fund SLV up 5.17%.
Platinum followed: a platinum fund, PPLT, rose 5.6%. When all three precious metals rise together, the driver is usually the dollar and interest rates, not a single metal’s own news.
Think of gold as a seesaw against the dollar. When the dollar dropped, gold went up.
The evidence points to the dollar and US yields as the main drivers: the dollar index fell 0.37% and the 10-year yield fell 5 basis points to 4.90%, the level published by the US Treasury. Shares rose too, so investors were not running to safety; they were repricing interest rates.
We hold this at medium confidence because gold and silver were both hit by heavy selling in late October, and a rebound of this size can fade. The variable to watch is whether gold closes above US$4,000 on Thursday.
Gold & Silver — the daily wrap.02 The board
Source: RT close, 2026-11-04, for the funds. Spot prices are New York levels during the session; the funds track the metals but are not the metals’ own prices.
Latin America — Cross-Market Board
03 Why it moved
First, the dollar and bond yields, with high confidence. The dollar index fell 0.37% to 101.49, and the US 10-year Treasury yield, the interest rate on the government’s benchmark loan, fell 5 basis points to 4.90%, from 4.95% the day before.
A basis point is one hundredth of a percentage point. Lower yields cut the cost of holding gold, which pays no interest, and a weaker dollar makes gold cheaper for buyers using euros, rupees or pesos.
Second, a political shift, with medium confidence. Democrats won the House and the Senate, which investors read as a check on White House policy and a reason to expect less dollar strength.
Third, a broad risk-on mood. The S&P 500 rose 1.58% to 7,689 and the VIX, Wall Street’s fear gauge, fell 20.26% to 16.61, while the oil fund USO fell 8.07%. Silver and platinum, the more industrial metals, gained most.
The signals mostly agree. The one puzzle is that shares and metals rose together, which usually means investors expect lower interest rates, not more fear.
04 The trend behind it
Gold’s highest daily close was 5,513, on 28 January, and silver’s was 114.59 on the same day. Even after Wednesday’s jump gold is about a quarter below that peak, and silver is more than half below.
Both metals hit their 12-month lows on 30 October: gold at 3,875 and silver at 49.07. Gold is now about 4% above that low and silver about 6% above it.
This looks like a rebound inside a long unwinding of January’s excess, not a new phase. A single day cannot undo months of losses.
05 What it means for Latin America
Mexico mined 172.9 million ounces of silver in 2025 and Peru 130 million, making them first and second in the world, according to the Silver Institute, the industry’s research body. A higher price lifts miners’ revenue and the tax and royalty income of both governments.
Peru’s Buenaventura, a gold and silver miner, rose 7.6% in New York to US$28.80. Silver is often a by-product of copper and zinc mining in Peru, so the effect on the economy is smaller than the headline suggests.
A weaker dollar also helped the Mexican peso, which gained 1.12% to 18.62 per dollar, making imports cheaper for firms and travellers.
06 The names to watch
For ordinary savers the simplest way to follow the metals is through funds such as GLD and SLV, though they track futures and bullion, not the metals’ spot prices. Investors in Mexican and Peruvian miners should watch whether production gains keep up with the price.
Mining shares move more than the metals. Buenaventura’s 7.6% jump compared with gold’s roughly 3% shows that leverage.
07 What would end it
The line in the sand for gold is US$4,000: a close below it would suggest the move was a morning spike. For silver it is the 49.07 low from 30 October.
A stronger dollar or a jump in US yields would reverse the rally. US jobless claims are due on Thursday, 5 November, with economists expecting 196,000 against 194,000 a week earlier, and Friday’s US jobs report can move the dollar either way.
On the data side, the RT economic calendar showed no published readings yet for ADP private jobs (forecast 69,000, previous 90,000) or the ISM services index, a survey of US business activity (forecast 54.8, previous 54.9), when we wrote.
08 What to watch
What Prediction Markets Say
Polymarket, a prediction market where users bet real money, shows a 93.0% chance that gold touches US$4,100 an ounce at some point in November, 62.0% for US$4,200 and 69.5% for a dip to US$4,000, with US$66,019 traded. For silver it shows 77.1% for a touch of US$54 and 70.0% for a dip to US$52, with US$64,116 traded. Prices were read at 7:42 p.m. ET on 4 November 2026. These are bets, not forecasts.
Why we show this: prediction markets turn real-money bets into a live probability that moves within minutes of the news, which is why investors, campaigns and newsrooms in the United States now follow them closely. We show them next to polls and official results, never instead of them.
Frequently Asked Questions
Why did gold and silver jump on Wednesday, 4 November 2026?
Democrats won control of Congress, which pushed the dollar index down 0.37% and the 10-year Treasury yield down 5 basis points to 4.90%. A weaker dollar and lower yields make metals that pay no interest more attractive.
How much did the gold and silver funds rise?
The GLD gold fund closed up 3.68% at US$372.49 and the SLV silver fund up 5.17% at US$47.16, according to the RT market data close.
Which Latin American countries matter most for silver?
Mexico mined 172.9 million ounces in 2025 and Peru 130 million, making them first and second in the world, according to the Silver Institute, the industry’s research body.
Is this a good moment to buy gold?
We cannot give advice. Gold is still about a quarter below its 28 January high close of 5,513, and a jump in one day can reverse as quickly.
This article was produced by The Rio Times’ automated newsroom system. How we use AI ·