Gold climbed above $4,000 an ounce this week as lower Treasury yields offered support, while strategists cited by FXStreet said inflation could keep rate pressures in view.
Reuters reported that spot gold stood at $4,095.49 per ounce at 11:12 a.m. ET (16:12 UTC) on Nov. 5, up 0.9% at that point. Bullion had reached $4,146.63 earlier in the session. In the prior day's update, Reuters put gold at $4,059.95 at 2:04 p.m. ET (19:04 UTC), a 3.4% gain.
Democrats won control of both chambers of Congress in the Nov. 3 midterm elections, Reuters and The Associated Press reported. The U.S. Department of the Treasury's daily data showed the 10-year yield at 4.90% on Nov. 4, down from 4.95% on Nov. 3.
FXStreet reported that ING strategists Warren Patterson and Ewa Manthey cited lower Treasury yields, a weaker dollar and central-bank buying as support for gold. They also said inflation concerns could reinforce expectations for tighter monetary policy and that developments in the Middle East mattered to the outlook.
Central-bank buying provides another part of the market backdrop, though the World Gold Council's figures cover different periods and use different methods. Its September statistics recorded 61 tonnes of net purchases that month, the highest monthly total reported in 2026 to that point. The public reporting series showed 228 tonnes from January through September, 7% below the same period in 2025. A separate estimate that includes unreported activity put Q3 demand at 321 tonnes, up 42% year over year; reported buying was 120 tonnes, and estimated unreported activity made up about 63% of the quarterly total.
The Council identified diversification and risk management as central banks' main motives for buying. It also linked high prices to weaker jewelry demand, which fell 17% year over year to 313 tonnes in Q3.
U.S. consumer prices rose 3.7% over the 12 months through September, the Bureau of Labor Statistics reported. The next scheduled inflation release, October CPI, is due Nov. 10 at 8:30 a.m. ET.
