Gold heads for biggest daily gain since August on weaker dollar
GLD•Spot gold rose 2.9% to $4,041.60 an ounce on Wednesday, on track for its biggest daily gain since mid-August, as the dollar fell to a more than one-month low. Investors awaited Friday’s US non-farm payrolls report for clues on the interest-rate outlook.
1. Gold rises above $4,000
Spot gold gained 2.9% to $4,041.60 an ounce by 0918 a.m. ET, while US December gold futures rose 2.8% to $4,051.80. Spot gold reclaimed $4,000 after falling to $3,869.85 on October 30, its lowest level since October 2025.
2. Dollar weakness supports bullion
The dollar hit a more than one-month low after Democrats won control of both chambers of Congress in the US midterm elections. A weaker dollar made dollar-priced gold less expensive for overseas buyers. Jim Wyckoff of American Gold Exchange said a potentially deadlocked Congress could be slightly negative for the US economy and allow the Federal Reserve to lean easier on monetary policy.
3. Investors await payrolls data
Investors were looking to Friday’s US non-farm payrolls report for clues on interest rates after the Federal Reserve held rates unchanged in October. Traders saw a 79% chance of a December rate hike; higher rates increase the opportunity cost of holding non-yielding gold. Spot silver rose 4.4% to $51.94, platinum gained 3.6% to $1,466.30 and palladium climbed 6.2% to $991.39.
