Quick Read
-
Newmont surged 10% while SPDR Gold Shares (GLD) gained under 4%, because fixed mining costs make profits climb faster than the gold price.
-
Agnico Eagle jumped about 10% and the VanEck Gold Miners ETF gained 9%, as miners rose alongside gold.
-
Traders see an 83% chance the Fed raises rates in December, which raises the cost of holding non-yielding gold.
-
Read More: Learn 7 ways to generate income with a $1,000,000+ portfolio (sponsor)
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 ) 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.
Learn 7 Ways To Generate Income With A $1,000,000+ Portfolio
If you've saved over $1,000,000, this guide is for you. The last thing you want in retirement is to run out of money, you want your money to generate lasting income while you enjoy your life.
Now you can learn the strategies wealthy retirees use to fund their retirement with The Definitive Guide to Retirement Income from Fisher Investments. Download the guide today! (sponsor)
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.
Learn 7 Ways To Generate Income With A $1,000,000+ Portfolio
If you've saved over $1,000,000, this guide is for you. The last thing you want in retirement is to run out of money, you want your money to generate lasting income while you enjoy your life.
Now you can learn the strategies wealthy retirees use to fund their retirement with The Definitive Guide to Retirement Income from Fisher Investments. Download the guide today! (sponsor)
Contact editorial@247wallst.com for any questions or corrections.
