Gold rose back above $4,000 an ounce and silver above $50 on Wednesday, Nov. 4, after Democrats won control of both chambers of Congress in Tuesday's U.S. midterm elections. The dollar weakened and Treasury yields fell.
Metal Sentinel's gold price API showed a bid of $4,056.10 on Wednesday, up $126.70, or 3.2%, in a range of $3,919 to $4,071.40. Its silver price API showed a bid of $52.03, up 4.7%, after trading as low as $48.85.
Platinum rose 5.7% to a bid of $1,493 and palladium 7.5% to $985. Copper did not join the rally and slipped 0.3% to about $6.43 a pound.
A Democratic Congress
CBS News and NBC News projected that Democrats would control both the House and the Senate, with some races still too close to call on Wednesday. President Donald Trump said on social media that he would accept the results, Al Jazeera reported.
U.S. stocks opened higher. The Dow Jones Industrial Average gained 1.8% at the open, the S&P 500 1.1% and the Nasdaq 1%, according to Al Jazeera. Brent crude fell $3.20 to $100.40 a barrel.
A weaker dollar and lower yields
The dollar index fell about 0.4% Wednesday morning, CNBC reported. The 10-year Treasury yield dropped about 5 basis points to 4.92%, Seeking Alpha reported.
A weaker dollar makes metals priced in dollars cheaper for buyers using other currencies, and lower yields reduce the cost of holding assets that pay no interest.
Rhona O'Connell, head of market analysis for EMEA and Asia at StoneX, wrote in a note Tuesday that Democratic control of Congress would bring "fiscal brinkmanship, institutional friction, both leading to uncertainty." She said less fiscal stimulus would point to lower long-term yields and a softer dollar.
Hamad Hussain, a senior economist at Capital Economics, told Reuters the result appeared to add to investor concerns about the U.S. fiscal outlook.
The Fed and December
The Federal Reserve held its benchmark rate at 3.75% to 4% on Oct. 28 and left a December increase open. Markets were still pricing about an 82% chance of a December hike on Wednesday, Reuters reported.
Daniela Hathorn, a senior market analyst at Capital.com, called the recovery in metals fragile, CNBC reported. She said worries about tight monetary policy have kept geopolitical risk from reliably lifting demand for safe-haven assets.
Gold is still down more than 6% this year and silver about 26%, according to CNBC. Silver fell below $50 last week for the first time since November 2025.
The calendar
Friday, Nov. 6: October jobs report, 8:30 a.m. EST.
Tuesday, Nov. 10: October consumer price index, 8:30 a.m. EST.
Levels to watch
Gold support: $4,000, then $3,919, Wednesday's low. Resistance: $4,071, Wednesday's high.
Silver support: $50, then $48.85. Resistance: $52.58, Wednesday's high.
Metal Sentinel's forecast
Metal Sentinel expects gold to trade between $3,980 and $4,100 an ounce and silver between $50 and $53.50 through Friday. The weaker dollar and lower yields support both metals after the election.
A strong jobs report on Friday would raise the odds of a December hike and is the main risk to Wednesday's gains. A weak report would give gold room to extend the move above $4,071.
Tracking the move with the API
Metal Sentinel's gold price API and silver price API publish live bid, ask, high and low prices in more than 180 currencies. The /api/gold-price endpoint adds 24k, 18k, 14k and 9k prices, and /api/silver-price returns 999, 958, 925, 900 and 800 fineness grades.
The /api/metal-quote endpoint accepts a timestamp parameter, so a price before and after an event such as Tuesday's vote can be compared in two calls. All 12 REST endpoints, including historical series, are listed on the API endpoints page.
For more on this week's metals, see the gold price forecast, the silver price forecast and the platinum price forecast for Nov. 2-6.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always perform your own due diligence before investing in metals.