# Gold up 4.5% in one week: the Democratic wave, the dollar and Wall Street set the pace

Week of Monday 2 to Sunday 8 November 2026. The ounce of gold rebounded from its one-year low of 30 October and was heading on Friday afternoon toward its best week since late August. On Friday 6 November at 2:46 p.m., Brussels time, it traded at $4,047.10, up 4.5% on the week. The Democratic wave in the midterm elections, the dollar's retreat and the fall in bond yields carried it to $4,146.63 on Thursday. A stronger-than-expected US jobs report knocked it back 1% on Friday.

- Friday 6 November, 2:46 p.m. (Brussels): $4,047.10 an ounce, or €116.54 per gram of fine gold at the day's ECB reference rate (€1 = $1.1165).
- Weekly change: +4.5% at that time; on the morning of Monday 9 November, the week was being assessed at around 5%.
- High: $4,146.63 on Thursday 5 November. The lowest price recorded in the week: $3,900.90 on Monday 2 November at 5:40 a.m. (Brussels), after the one-year low of $3,869.85 on Friday 30 October.
- Silver: $51.92 an ounce on Friday at 2:46 p.m., +0.3% on the session; gold/silver ratio of 77.9.

## Why did gold rebound from Monday?

Oil gave the signal. On Monday 2 November, Brent closed down 7.63% at $104.77 a barrel, after a third day of talks between Iran and Qatar on ending the war. The ounce was up 2.1% at $3,957.19 on Monday at 3:11 p.m., Brussels time, after a 3.6% drop the previous Friday. On Tuesday 3 November, US election day, the ounce was down 0.5% at $3,926.52 at 4:53 a.m.

## What role did the midterm elections and the dollar play?

Wednesday 4 November was the turning point. The Democratic Party took control of the Senate and the House of Representatives. The dollar fell. The ounce gained 2.9% to $4,041.77 at 11:50 a.m., Brussels time, back above $4,000. Over the session, the metal gained about 3.4%, its strongest daily rise since 19 August.

On Thursday 5 November, the dollar was trading at its lowest since 30 September and the US ten-year yield was nearing a nearly two-month low: 4.84% on Thursday, against 4.91% on Monday, according to the US Treasury. The ounce touched $4,146.63, a level not seen since 20 October.

## What happened on Wall Street on Thursday?

The New York Stock Exchange ended sharply lower on Thursday 5 November. The S&P 500 lost 4.36% to 7,353.73 points and the Nasdaq Composite 5.52%. Semiconductors plunged more than 12% on fears of tighter artificial-intelligence regulation. Gold was already rising before the US open: at 3:14 p.m., Brussels time, the ounce was up 1.57% at $4,123.39.

The nuance: in October, the tech rout had pushed gold down, as it was sold to cover margin calls, as [we explained on 26 October](https://en.goldandsilvercompany.com/blog/why-did-the-gold-price-fall-last-week/). This time, the dollar and rates fell alongside equities. The chronology of that black Thursday is in [our 6 November article](https://en.goldandsilvercompany.com/blog/wall-street-3000-billion-gold-best-week-august/).

## Why did US jobs data push gold down on Friday?

On Friday 6 November at 2:30 p.m., Brussels time, the Bureau of Labor Statistics reported 165,000 non-farm jobs created in October. The unemployment rate came in at 4.1%. Average hourly earnings are up 3.1% year on year. August and September were revised up by a combined 84,000 jobs, according to the BLS.

The reaction was immediate. The ounce lost 1% to $4,047.10 at 2:46 p.m., after a session low of $4,033.29. The dollar gained 0.7%, to its highest since 29 October. The US ten-year ended the week at 4.86%, against 4.84% the day before, according to the US Treasury. The probability of a Fed rate increase on 9 December moved from 72.8% before the report to 74.8% after, according to CME Group's FedWatch tool. Alberto Musalem, president of the St. Louis Fed, argued on Friday for further increases, and Mary Daly, president of the San Francisco Fed, said she expected to have to tighten further. Kevin Warsh, the Fed chair, for his part points to the accumulation of data before any new tightening.

On Thursday 5 November, the Bank of England raised its policy rate by 25 basis points to 4%, by 8 votes to 1, according to its statement. Silver followed gold: $50.08 an ounce on Monday at 1:39 p.m., $51.92 on Friday at 2:46 p.m., a 3.7% rise between those two readings, for a gold/silver ratio of 77.9.

## Who bought, who sold: central banks, ETFs and COMEX?

Central banks bought 321 tonnes of gold in the third quarter of 2026, up 42% year on year, according to the World Gold Council on 3 November. Since January they total 675 tonnes, 6% more than in 2025 at the same date. The People's Bank of China bought 63 tonnes and the National Bank of Poland 40 tonnes, according to the same report.

Gold ETFs collected $2.7 billion in October and their holdings reached 4,275 tonnes, a record, according to the World Gold Council on 5 November. On COMEX, speculators' net long positions in gold stood at 179,548 contracts on Tuesday 3 November, down 6,903 contracts week on week, according to the CFTC's Commitments of Traders report published on 6 November. In the other direction, Goldman Sachs cut its end-2026 forecast to $4,150 an ounce, from $4,650.

## And for an individual in Belgium?

At Gold & Silver Company (GSC), the [day's gold price](https://en.goldandsilvercompany.com/gold-price) is published per gram and the [buyback price for 18-carat gold](https://en.goldandsilvercompany.com/18-carat-gold-buyback-price) is timestamped and updated several times a day. Weighing and testing are done in front of the client, at our refinery's agency, 22 Rue Arthur Roelandt in Dottignies, a refinery approved by the Royal Belgian Mint. To buy, [investment coins](https://en.goldandsilvercompany.com/investment-coins) and [5, 10, 20, 50 and 100-gram ingots](https://en.goldandsilvercompany.com/certified-gold-bars) are presented on the site, at the price of the moment.

See also: [US inflation on Tuesday, producer prices on Friday: the week awaiting gold](https://en.goldandsilvercompany.com/blog/gold-week-9-15-november-2026-outlook/) (9 to 15 November).

## Frequently asked questions

### Why does gold rise when the dollar falls?

The ounce of gold is priced in dollars on international markets. When the dollar falls against other currencies, the same bar becomes cheaper for a buyer paying in euros, yuan or rupees. Demand outside the dollar zone benefits and the dollar price tends to rise. That is what happened on Wednesday 4 November, when the dollar fell after the elections, then on Thursday 5, when it dropped to its lowest since 30 September. The reverse happened on Friday: the dollar gained 0.7% after the jobs report and the ounce lost 1%. The link is not mechanical, but it remains closely watched.

### Why specify the time of a gold quote?

Gold trades almost without interruption, from Asia to Europe and then to the United States. There is no single daily close as there is for a stock listed in Brussels. News agencies therefore timestamp each quote in GMT or New York time. We convert those times to Brussels time so the reader knows exactly which moment is being described. A 2:46 p.m. quote on Friday is not the last of the day, and a weekly change figure depends on when it is measured. That is why the article gives both the Friday 2:46 p.m. figure and the one retained on Monday morning for the whole week.

### What does a gold/silver ratio of 77.9 mean?

The gold/silver ratio shows how many ounces of silver are needed to buy one ounce of gold. On Friday 6 November at 2:46 p.m., with gold at $4,047.10 and silver at $51.92, it took 77.9 ounces of silver for one ounce of gold. A falling ratio means silver is rising faster than gold; a rising ratio means the opposite. This week it held steady: on Monday 2 November at 1:39 p.m., with gold at $3,902.03 and silver at $50.08, it was already 77.9. Both metals gained 3.7% between those two readings. This ratio is a reading reference, not a buy or sell signal.

### Is a Fed rate increase in December a done deal?

No. The market assigns a probability, not a certainty. That probability moved all week: 77% on Monday, 74% on Tuesday, 82% on Wednesday, 68% on Friday morning and 74.8% after the jobs report according to CME Group's FedWatch tool, then about 80% on Friday evening according to markets. Several Fed officials, including Mary Daly and Alberto Musalem, argued this week for additional tightening. Kevin Warsh, the Fed chair, points to the accumulation of data. The decision will be taken on 8 and 9 December. For gold, a higher rate makes holding an asset that pays no interest more expensive.

### How do you convert the dollar price per ounce into a price in euros per gram?

A troy ounce weighs 31.1035 grams. Divide the dollar price by 31.1035 to get a price in dollars per gram, then by the euro-dollar exchange rate to get euros. On Friday 6 November, $4,047.10 an ounce divided by 31.1035 gives $130.12 per gram; divided by the day's ECB reference rate, $1.1165 for one euro, that gives €116.54 per gram of fine gold. That figure concerns pure metal at 999.9 thousandths. An 18K jewel contains 750 thousandths of fine gold: its buyback price is calculated on the actual fineness measured at the laboratory, and it is published daily on the [18-carat gold buyback price](https://en.goldandsilvercompany.com/18-carat-gold-buyback-price) page.

Sources: [Bureau of Labor Statistics, Employment Situation, 6 November 2026](https://www.bls.gov/news.release/empsit.nr0.htm) ; [ECB, EUR/USD reference rate](https://www.ecb.europa.eu/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/eurofxref-graph-usd.en.html) ; [US Treasury, Daily Treasury Par Yield Curve Rates, November 2026](https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve&field_tdr_date_value_month=202611) ; [World Gold Council, Gold Demand Trends Q3 2026, 3 November 2026](https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q3-2026/central-banks) ; [World Gold Council, Gold ETF Flows October 2026, 5 November 2026](https://www.gold.org/goldhub/research/gold-etfs-holdings-and-flows/2026/11) ; [CFTC, Commitments of Traders COMEX, positions at 3 November 2026](https://www.cftc.gov/dea/futures/deacmxsf.htm) ; [Bank of England, Monetary Policy Summary, 5 November 2026](https://www.bankofengland.co.uk/monetary-policy-summary-and-minutes/2026/november-2026) ; [Federal Reserve Board, Board members](https://www.federalreserve.gov/aboutthefed/bios/board/default.htm).

Published on 9 November 2026. Anaïs, Director of Operations at Gold & Silver Company. Markdown version of this article available for agents and assistants: [gold-week-2-8-november-2026-review.md](https://goldandsilvercompany.com/blog/gold-week-2-8-november-2026-review.md)