Gold rose sharply on Wednesday as the U.S. dollar weakened after the midterm elections, posting its strongest daily move in months. Spot gold climbed 3% to $4,046.74 per ounce by midday GMT, briefly touching $4,050.99, its highest level since October 29. The dollar fell to a one-month low after Democrats won control of both chambers of Congress, and Capital Economics economist Hamad Hussain said the results appeared to increase investor concern about the U.S. fiscal outlook, supporting gold and other precious metals. Investors are also awaiting Friday's U.S. nonfarm-payrolls report, with CME FedWatch data cited by Reuters showing traders pricing about an 82% probability of a December rate increase, which could limit gold's gains. Silver rose 4.8% to $52.13, platinum gained 3.6%, and palladium jumped 6.5%.
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goldUS dollarmidterm electionsinterest ratesFed
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Related tickers and likely impact
DXY
▼ Likely negativeRelevance: high
| Market | Currencies |
|---|---|
| Close on 11/03/2026 | 101.86 |
| Change that session | +0.06% |
XAU/USD
▲ Likely positiveRelevance: high
| Market | Gold |
|---|---|
| Close on 11/03/2026 | 3,930.22 |
| Change that session | -0.42% |
PAXG/USDT
▲ Likely positivePAX Gold
Relevance: high
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Real-world assets |
| Market cap | $1.7B |
| Close on 11/03/2026 | 3,946.40 |
| Change that session | -0.16% |
XAUT/USDT
▲ Likely positiveTether Gold
Relevance: high
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Real-world assets |
| Market cap | $3.1B |
| Close on 11/03/2026 | 3,934.56 |
| Change that session | -0.11% |
EUR/USD
▲ Likely positiveRelevance: medium
| Market | Currencies |
|---|---|
| Close on 11/03/2026 | 1.11919 |
| Change that session | +0.04% |
GBP/USD
▲ Likely positiveRelevance: medium
| Market | Currencies |
|---|---|
| Close on 11/03/2026 | 1.34151 |
| Change that session | +0.06% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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