Gold news by day
Gold closed at about $4,061, up $130 (3.31%) on the day.
The verdicts are the textbook reading of the news, not a forecast. Closing prices are spot gold at about 5pm New York time, from our price feed, and may differ slightly from other sources.
Iran's Revolutionary Guards say four tankers were destroyed by mines and two ships seized south of the Strait of Hormuz
Why: Four tankers destroyed and two ships seized near the strait threatens oil flows from the Gulf. That keeps inflation pressure and US borrowing costs high, not what gold wants.
Gold $3,936.70
🕒 Wed 04 Nov · news 03:35 UK
+$42 since the close on Tue 03 Nov
Why it moved (🟢 bullish news for gold):
🟢 US 10-year Treasury yield fell to 4.92%, pushing borrowing costs lower.
🟢 Dollar dipped as US midterm election results came into focus.
💡 Lower Treasury yields and a weaker dollar both make gold more attractive to investors.
🕒 Wed 04 Nov · 05:36 UK / 00:36 New York
Gold about $4,005.
Up about $85 since Tue 06:00 UK.
What happened
• Democrats won the Senate and are projected to win the House
• The dollar slipped and interest rates on US government debt fell
• Tue 15:00 UK: US job openings beat forecasts, 7.52 million vs about 7.1 million
• Iran: a US strike, then an unconfirmed claim that mines hit 4 tankers
Why it matters
🟢 With Congress set to oppose the White House, investors expect less government spending. Lower interest rates on US government debt and a softer dollar are what gold usually likes.
🔴 Lots of job openings give the Fed more reason to raise in December. That pulls the other way.
Coming up
• 13:15 UK / 8:15 New York: US private-company jobs estimate (ADP) 🔥🔥
• Expected 67,000 to 69,000 new jobs (last time 90,000)
• 15:00 UK / 10:00 New York: US services survey (ISM) 🔥🔥
• Expected 54.8 (last time 54.9). Above 50 = growing
Textbook
Weaker numbers: bullish for gold. Stronger: bearish for gold.
📖 Lesson
An election doesn't move gold directly. It moves the dollar and US interest rates, and gold follows them.
Both houses of Congress have now been called.
Gold's reply overnight: back above $4,000.
What's been called
Senate: Democrats have won control. AP reported it by 04:40 UK.
House: Democrats have won control too. AP reported it by 06:27 UK.
Reuters also reports Democrats now hold both chambers.
Still counting
Several close races are still being counted.
Final seat totals may take days.
What it means for gold
🟢 BULLISH for gold, going by the overnight reaction.
🟢 Congress and the White House are now split. That could slow US spending.
Less spending can mean less reason for the Fed to raise.
Reuters says the dollar hit a one-month low and US borrowing costs fell.
Gold usually likes both.
🔴 Gridlock can also mean fewer big policy shocks.
Calmer politics can cool demand for gold as protection.
What gold did
About $4,022 at 07:28 UK.
Up about $93 since Tuesday's close, or 2.4%.
This time gold followed the textbook: weaker dollar, firmer gold.
Remember
After the last 4 midterms, the day-after move was mixed. The Fed and inflation mattered more.
What's next
Final seat totals will follow as the count finishes.
📅 Wed 4 Nov, 15:00 UK / 10am New York: US services survey (ISM).
Fri 6 Nov, 13:30 UK / 8:30am New York: US jobs report.
Democrats won control of both the House and the Senate, AP projected on Wed 4 Nov.
The President's party no longer runs Congress. That's called a split government.
When it starts
The new Congress takes over in early January 2027.
New laws need both sides
• A bill must pass the House and the Senate
• Then the President signs it, or vetoes it
• Overturning a veto needs two-thirds of both
Money and top jobs
• Congress decides government spending and funding
• The Senate approves the President's top picks, including judges and people at the Fed
Questions and checks
• Committees in Congress can hold hearings, ask for documents and call witnesses
Why it matters for gold
Fights over spending can unsettle markets.
Who runs the Fed shapes interest rates.
Both can move gold.
Inflation in the euro zone has climbed to its highest level in three years
Why: Higher inflation in the euro zone pushes the European Central Bank toward raising rates, which strengthens the euro. A stronger euro means a weaker dollar, which helps gold a little, but hotter euro inflation also keeps US rates elevated through trade and global price links, which weighs on gold ove
Gold $4,047.20
🕒 Wed 04 Nov · news 10:12 UK
✏️ Corrected: first posted as BEARISH.
Iran war threats: 3 headlines in 90 min
🕒 Wed 04 Nov, 11:01 UK
• Adviser to Iran's Revolutionary Guards commander says Tehran will strike beyond the source of any attack in a war
• Iran's leader Khamenei says further attacks will bring a far wider response
• Oil prices holding steady amid mixed reports on US-Iran talks as risk of fighting rises
💡 What it means: Iran is warning of bigger attacks if the fighting continues. That threat can push oil prices up, keeping US interest rates high, which is bad for gold.
🔴 2 of 3 headlines · Gold $4,047.90
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Still to come this week
Times: UK / New York
• 🔥🔥🔥 Fri 6 Nov · US jobs report (NFP): new jobs in October · 13:30 / 8:30am
• 🔥🔥 Wed 4 Nov · US services survey (ISM), over 50 = growing · 15:00 / 10:00am
🕒 Wed 4 Nov, 13:15 UK / 8:15 New York
What happened
Actual: 86K new jobs at US companies in October
Expected: about 70K
September: first 90K, now revised to 86K
Surprise: stronger than expected
Why it matters
ADP, a payroll firm, counted more hiring than forecast.
That gives the Fed more reason to raise rates in December, which usually weighs on gold.
Gold price
About $4,044 at 13:40 UK / 8:40 New York.
Still up nearly 3% on the day, after the US midterm results.
What's next
The official US jobs report (NFP): Fri 6 Nov, 13:30 UK / 8:30 New York.
🕒 Wed 4 Nov, 15:00 UK / 10:00 New York
What happened
The US services survey (ISM) came in at 54.5.
Expected: 54.8 (prev 54.9).
Above 50 means growing. That counts as in line.
What changed
• Prices firms pay: 73.0, down from 74.0
• New orders slowed: 55.9, from 59.8
• Hiring picked up: 51.4, from 50.1
Why it matters
Services grew close to the pace expected, so the Fed (the US central bank) learns little new.
Before the release, markets expected a US rate rise in December.
Textbook
⚪ NEUTRAL for gold. No real surprise, so little push either way.
Gold: about $4,040 by 15:50 UK.
Most of its 3% rise came overnight, after Democrats won both houses of Congress.
What happened
Brent oil fell about 7% during the day, to around $96 a barrel.
US oil (WTI) fell more than 6%, to around $90.
Reports say traders are betting the Iran war could end after the US midterms.
Trump also told the Financial Times he has no immediate plans for more strikes on Iran.
Why it matters
Cheaper oil means less pressure on prices.
That gives the Fed less reason to raise rates, which usually helps gold.
What gold did
About $4,067 at 17:13 UK.
Up about 3.4% since Tuesday's close.
Remember
Oil can jump back fast on any new Gulf news.
Ships still can't move freely through the Strait of Hormuz.
What's next
Fri 6 Nov, 13:30 UK / 8:30am New York: US jobs report.
Trump on Iran talks: 3 headlines in 90 min
🕒 Wed 04 Nov, 18:23 UK
• Trump says the Iran thing we had to do, we continue to do it.
• Arab diplomats say the direction of US-Iran talks will be clearer on Friday and progress has been significant.
• Trump says Iran war will end whenever I want it to.
💡 What it means: Trump says the US keeps up pressure on Iran while Arab diplomats report real progress in talks, leaving markets unsure whether tension is easing or still high.
⚪ 1 bullish, 1 bearish, 1 neutral · Gold $4,067.30
U.S. Crude Oil Futures Settle at $88.12/BBL, Down $7.97, or 8.29%
Why: Oil falling over 8% in one day eases inflation pressure on the Fed. That makes US rate rises less likely, good news for gold.
Gold $4,060.70
🕒 Wed 04 Nov · news 19:31 UK
Trump's deal to bring Russian diesel into the US has stalled as American fuel supplies reach a 20-year low
Why: A failed diesel deal while US fuel stocks are at 20-year lows means tighter supply and higher fuel prices. Dearer fuel keeps inflation pressure on the Fed and US borrowing costs high, which is bad for gold.
Gold $4,058.40
🕒 Wed 04 Nov · news 19:52 UK
Trump rules out cutting his tariffs, CNBC reports
Why: Trump ruling out tariff cuts means those trade barriers stay, which can keep pushing up US consumer prices. That gives the Fed more reason to raise rates, which usually weighs on gold.
Gold $4,065.50
🕒 Wed 04 Nov · news 20:33 UK
What happened
• Overnight into Wed 4 Nov: Democrats won the House and Senate. The dollar fell to a one-month low
• 03:35 UK / 22:35 New York (Tue): Iran's Revolutionary Guards claimed mines hit four tankers near Hormuz. Unconfirmed
• 13:15 UK / 8:15am New York: private jobs estimate (ADP) beat, 86,000 vs 69,000 expected
Gold rose about $128 on the day.
Textbook
🟢 BULLISH for gold
A Democratic Congress facing a Republican White House pushed the dollar lower.
Some investors also worry more about US government finances. A weaker dollar is something gold usually likes.
Why it matters
Two stories pulled the other way.
Tanker attacks can lift oil, and strong hiring gives the Fed more reason to raise rates in December.
Both usually weigh on gold. This time the dollar story was bigger.
Coming up
• Thu 5 Nov, 12:00 UK / 7:00am New York: Bank of England rate decision 🔥🔥
• Fri 6 Nov, 13:30 UK / 8:30am New York: US jobs report (NFP, new jobs last month) 🔥🔥🔥
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