Gold Just Had Its Best Day Since August, Back Above $4,000
Gold's rebound lit a fire under the miners, and one stock nearly tripled the metal's move. Yet the Fed, a brutal year, and rising costs could turn that leverage against anyone holding for retirement.
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Gold rose about 3.5% on November 4, 2026, its best day since August 19. It also moved back above $4,000 an ounce, the round number it lost in late October. December gold futures settled at $4,073, up 3.4% from $3,940.40 in the prior session.
The miners moved far more than the metal. SPDR Gold Shares (NYSEARCA:GLD) rose 3.67% to close at $372.49, while Newmont (NYSE:NEM | NEM Price Prediction) climbed 9.94%.
That gap determines the choice for anyone holding gold into retirement. On Friday, October 30, spot gold had dropped to $3,869.85, its lowest since October 2025.
One strong session leaves a difficult year in place. Traders still see about an 83% chance the Fed raises rates in December. Higher rates raise the cost of holding a metal that pays no yield.
Spot gold traded at $4,059.95 at 2:04 p.m. EST, up 3.4%. That was an early-afternoon quote taken before the close.
The rally kept going into the evening. December futures reached $4,134.10 at 9:27 p.m. ET, and gold pushed above $4,100.
Dollar, Yields and Oil Moved Together
The dollar fell to more than a one-month low after Democrats swept the midterms, pushing the dollar index to 101.51 from 101.87. A weaker dollar makes bullion cheaper for overseas buyers.
Jim Wyckoff, a market analyst at American Gold Exchange, said a deadlocked Congress would probably weigh somewhat on the economy, and that could let the Fed lean toward easier policy. The ten-year Treasury yield eased to 4.894% from 4.952%.
Crude oil also fell about 8%, so the election was one of several inputs. Silver, platinum and palladium all rose more than gold.
Why Newmont Outran Bullion
Agnico Eagle (NYSE:AEM) rose 9.67%, and the VanEck Gold Miners ETF (NYSEARCA:GDX) gained 9.01%. The miners rose alongside gold. Because a miner’s costs are largely fixed, a higher gold price flows to profit faster than it raises revenue.
In the third quarter, Newmont realized $4.32 thousand per ounce. Its all-in sustaining costs (AISC, the full cost of keeping its mines running) were $1.45 thousand. Management expects fourth-quarter AISC of $1.9 thousand, the highest of the year.
A Rebound Inside a Losing Year
GLD is still about 6% lower in 2026 and about 25% below its January 29 closing peak of $495.90. Spot gold set a record high of $5,589.38 on January 28.
Daniel Ghali, head of metals research at Deutsche Bank, said a strong jobs report on November 6 could back up expectations for Fed hikes. That view runs against Wyckoff’s call for easier policy.
The July-to-September demand data supports the longer-term case. Central banks bought 321.2 tonnes, up 42% from a year earlier and above the 227-tonne five-year quarterly average, led by China and Poland. Gold ETFs added 211 tonnes.
Jewelry demand fell 17%. Bar and coin demand dropped 19%.
What Could Drive GLD’s Next Move
GLD has solid longer-term support. Central banks buying at that pace gives the metal a steady source of demand that doesn’t depend on the Fed.
The near-term risk is the Fed. Any of these could bring back concerns of a rate increase: Fed speakers on November 5, the November 6 jobs report, October CPI on November 10, and the December 8-9 meeting.
Newmont offers more exposure to the gold price, along with larger swings. Its full-year AISC guidance of about $1.52 thousand leaves a wide margin with gold above $4,000. That exposure works in both directions, though, and a drop in gold would hit the stock harder than the ETF.
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Omor Ibne Ehsan is a writer at 24/7 Wall St. He is a self-taught investor with a focus on growth, cyclical, and dividend equities that have strong fundamentals, value, and long-term potential. He also has an interest in high-risk, high-reward investments such as penny stocks.
