US Midterm Elections See Gold and Silver Try to Rebound Again

AI desk brief

Gold rebounded to $3,969/oz after briefly slipping back below $3,900 in Asian trade, while silver also bounced but failed to reclaim $50/oz after touching a new 2026 low below $49 overnight. The move came as crude oil fell, long-term rates edged higher from 2-month lows, and global equities slid for a fifth straight session ahead of the US midterm vote.

StoneX’s Rhona O’Connell said a dual Democrat congressional win would likely weigh on rates and the dollar and support gold via lower fiscal stimulus, though tariffs, immigration and the Iran war remain White House-driven. Separately, the World Gold Council said Chinese household demand for bars and coins exceeded jewellery demand for a fourth straight quarter in July-September, the longest such run on record.