TLDR
- Gold rose about 3% to above $4,000 an ounce, and silver gained more than 4% to near $52.
- The U.S. dollar fell to a one-month low and Treasury yields dropped after Democrats were projected to win Congress.
- The Kobeissi Letter said the two metals added a combined $1 trillion in market value.
- Gold is still down more than 6% this year, and silver is down about 26%.
- Leveraged gold and silver funds jumped in premarket trading, but they reset daily and carry added risk.
Gold and silver prices rose on Wednesday as vote counting continued in the U.S. midterm elections. Democrats were projected to win control of the House and the Senate. Several governor’s offices were also projected to turn blue.
🚨LATEST: Gold reclaims $4,100 and silver climbs above $53 as the dollar weakens following the U.S. midterms.
Over $600 BILLION has been added to their combined market value in just TWO HOURS, taking estimated gains since the Democratic victory to $1.7 TRILLION.
The rally marks… pic.twitter.com/Ta4drzKhCl
— Coin Bureau (@coinbureau) November 5, 2026
Spot gold rose 3.4% to $4,061.30 an ounce, according to CNBC. Spot silver jumped 5.1% to $52.29 an ounce. Other price charts showed slightly smaller gains, with gold up 2.94% and silver up 4.39%.
Front-month gold futures settled at $4,073, up 3.4%. Silver futures settled at $52.28, up 5.1%. Gold reclaimed the $4,000 mark it had slipped below earlier.
What Moved Markets After the Vote
The U.S. dollar index fell about 0.3% and hit a one-month low. Treasury yields moved lower as investors sold the dollar and bought government bonds. Oil prices also declined, while U.S. stocks rose as political risk eased.
A weaker dollar makes gold and silver cheaper for buyers who use other currencies. Both metals are priced in dollars. That gave prices an immediate lift.
The Kobeissi Letter, a market news account on X, said the two metals had added a combined $1 trillion in market value. It posted the figure at 10:27 AM on Nov. 4.
Analysts had expected a split Congress could help gold. Rhona O’Connell, head of market analysis for EMEA and Asia at StoneX, wrote in a Tuesday note that a Democratic win in both chambers should support the metal. She said it would likely put pressure on rates and the dollar.
O’Connell said the result would bring “fiscal brinkmanship” and “institutional friction.” She said both could lead to uncertainty. She added that less fiscal stimulus argues for lower long-term yields and a softer dollar.
The result has also raised expectations of gridlock in Washington. That could limit President Donald Trump’s ability to advance his fiscal and economic plans for the rest of his term.
O’Connell also pointed to other forces pulling in different directions. She said the Iran war and a weaker dollar would compete with the effect of a hawkish Federal Reserve. She noted the Fed was leaning toward another rate hike.
A Rough Year for Precious Metals
Gold and silver both had record-breaking rallies in 2025. Gold rose 66% and silver rose 135% as investors looked for safe assets during geopolitical tension and market swings.
That momentum faded this year. Rising inflation, higher bond yields and hawkish central banks have removed support from both metals. Gold is down more than 6% so far in 2026, and silver has fallen about 26%.
Daniela Hathorn, senior market analyst at Capital.com, called the recovery fragile. She said geopolitical risk does not always lead to safe-haven buying when investors also worry about tight monetary policy.
Hathorn also noted that metals face the risk of liquidation during sharp stock selloffs. Investors sometimes sell profitable or liquid positions to raise cash.
Expectations of further Fed tightening could also limit gains in gold and silver. Neither metal pays interest, which makes them less appealing when rates rise.
Exchange-traded funds tied to the metals also moved. SPDR Gold Shares traded near $370.52, up 3.13%. Benzinga Pro data showed support near $360 and resistance near $380.
ProShares Ultra Gold rose 6.2% in premarket trading from Tuesday’s close of $40.26. Direxion Daily Gold Bull 2X ETF, which launched in May 2026, also gained about 6.2%. Both funds aim for twice the daily move in gold.
ProShares Ultra Silver, which targets twice the daily move in silver futures, gained more than 9% in premarket trading. It remains far below its 52-week high of $431.47.
These leveraged funds reset their exposure each day. Returns over longer periods can differ widely from twice the return of the underlying metal.
Traders are watching whether gold can hold above $4,000 and silver can find support near $52. A further drop in the dollar and Treasury yields could help prices. A recovery in the dollar or a rise in bond yields could bring profit-taking.
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