Gold Holds Near $3,939 as Investors Awaited Midterm Election Results

Gold remained largely unchanged on Wednesday, November 4, as a weaker US dollar provided support while market participants monitored the US midterm election results. Mettis Global reported spot gold at $3,939.22 per ounce, down 0.11% at 09:32 am PST.

Traders also looked ahead to Friday’s US non‑farm payrolls data for signals on the Federal Reserve’s next policy moves. CME’s FedWatch tool indicated a 78% chance of a rate hike in December, which could dampen bullion’s appeal because gold does not yield interest.

Other precious metals slipped, with spot silver falling 1.3% to $49.12 an ounce, platinum down 1.9% at $1,389.54, and palladium lower 0.6% at $928.23. Reuters reported that early Democratic gains in the Senate raised hopes of a potential shift in chamber control, though the final election outcome remained uncertain.

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