Gold and silver prices climbed higher in international markets on Thursday, November 5, 2026, as the US dollar weakened following the midterm election results. The political outcome eased some uncertainty, lifting sentiment across global financial markets. On COMEX, gold futures rose to $4,111 per ounce, up $38, or 0.93%, from the previous close of $4,075.40. Silver futures also gained, trading at $52.53 per ounce, up $0.248, or 0.47%, from the previous close of $52.325.
The US dollar's decline came after Democrats secured majorities in both the Senate and the House of Representatives. This outcome reduced concerns over a contested result and raised expectations of political gridlock in Washington, contributing to a drop in US Treasury yields and putting pressure on the dollar. The dollar index fell 0.06% to 101.41 on Thursday, after declining 0.36% in the previous session. A weaker dollar generally supports gold and silver prices by making dollar-denominated commodities relatively cheaper for buyers using other currencies.
In the domestic market, gold and silver prices saw a sharp recovery on Wednesday, November 4, amid a rebound in international bullion prices and improving festive demand. According to the All India Sarafa Association, gold of 99.9% purity rose by ₹4,800 to ₹1.46 lakh per 10 grams, inclusive of taxes. Silver prices gained ₹9,000 to ₹1.93 lakh per kg. The recovery comes ahead of Dhanteras, which falls on November 6 this year. Jewellers indicated that the recent correction in precious metal prices has improved consumer sentiment, although sales volumes are expected to remain broadly flat year-on-year.
Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions Ltd., noted that gold and silver had rebounded as the US dollar weakened following early Democratic gains in the midterm elections. He said expectations of political gridlock and lower government spending could weigh on growth, while lower bond yields and a weaker dollar have supported bullion prices. From a technical perspective, both metals are recovering from oversold levels.
Investors are advised to monitor movements in the US dollar, Treasury yields, upcoming US employment data, and expectations around the Federal Reserve's monetary policy for further cues on precious metal prices.