Gold shines as dollar slips to 5-week low, investors await U.S. midterm election results - The Hindu

AI desk brief

Spot gold rose 3% to $4,041/oz on November 4, 2026, its biggest daily gain in over two months, as the dollar index fell to a five-week low of 101.3. Prithvi Finmart’s Manoj Jain cautioned that a trend reversal was premature pending U.S. midterm results and policy clarity, including on the U.S.-Iran war. He expected precious metals to stabilise by year-end provided crude settled below $100/barrel and the Strait of Hormuz reopened; easing tensions could also weaken haven demand. Jain forecast elevated Indian seasonal demand and domestic gold consolidation near ₹130,000/10g by year-end.