Published by
Gold Expert
Precious metals are rallying sharply this morning as the U.S. dollar and Treasury yields fall after Democrats' gains in Tuesday's midterm elections. COMEX gold futures are up about 2.9% near $4,053, back above $4,000 an ounce, while spot gold is near $4,042. Silver is up about 4.5% near $51.99, platinum is up about 2.8% near $1,456 and palladium leads the group, up about 6.3% near $992. Copper is up about 0.8% near $6.45 a pound.
Metals Prices
| Wed Nov 4, 2026 | Gold (USD/oz) | Silver (USD/oz) | Platinum (USD/oz) | Palladium (USD/oz) | COMEX copper, $/lb |
|---|---|---|---|---|---|
| Prior close (Tue.) | $3,940.40 | $49.77 | $1,416.02 | $933.61 | $6.402 |
| Latest (early, ~3:26 AM PT) | $4,052.70 | $51.99 | $1,455.74 | $992.41 | $6.453 |
| $ change | +$112.30 | +$2.22 | +$39.72 | +$58.80 | +$0.051 |
| % change | +2.85% | +4.45% | +2.80% | +6.30% | +0.80% |
| Gold/silver ratio | ~77.8 |
Gold: COMEX gold December 2026 futures (GCZ6), USD per troy ounce, via CNBC as of about 3:16 AM PT (6:16 AM ET); prior close is Tuesday's (Nov. 3) settlement. Silver, platinum and palladium: CNBC spot quotes as of about 3:26 AM PT (6:26 AM ET), with Tuesday's closes as shown by CNBC. The gold/silver ratio uses spot gold (about $4,042) and spot silver. Feeds differ slightly.
Copper is an industrial metal, shown for context only: COMEX high-grade copper December 2026 futures (HGZ6), USD per pound, via CNBC as of about 3:16 AM PT (6:16 AM ET); prior close is Tuesday's settlement.
What's Moving Metals Today
Midterm results weigh on the dollar. Democrats are projected to take control of Congress, and the dollar fell after the results, which makes dollar-priced gold cheaper for buyers using other currencies. Treasury yields also moved lower, and U.S. stock futures slipped (Reuters; CNBC).
Fiscal worries add support. Some economists say investors are growing more concerned about the U.S. fiscal outlook after the results, which is supporting gold and the other precious metals (Reuters).
The Fed is still the main headwind. Traders still see about an 83% chance of a Federal Reserve rate hike in December, according to CME's FedWatch tool. Higher rates raise the cost of holding gold, which pays no interest, so some analysts expect limited room for further gains while inflation stays high (Reuters).
Silver, platinum and palladium outpace gold. Silver jumped toward $52 an ounce, platinum gained about 3% and palladium rose more than 6%, rebounding from near their recent lows as the weaker dollar lifted the whole complex (Reuters; CNBC).
Still down for the year. Even with today's rally, gold is down more than 7% year to date and silver almost 28%, after record gains in 2025 gave way this year to rising inflation, higher bond yields and hawkish central banks (CNBC).
What the Big Banks Expect
Dated published views from top-ten banks (their forecasts, not ours). Several predate the latest moves.
- UBS (Oct. 8): Says high U.S. real yields and a firm dollar could push gold back toward $4,000, where it expects dip buyers to set a floor. It still forecasts $4,600 by December, $5,000 by March 2027, $5,200 by June 2027 and $5,400 by September 2027 (UBS Chief Investment Office; Investing.com). UBS also forecasts a palladium market surplus as weaker automotive demand more than offsets lower mine output in South Africa and Russia (Trading Economics).
- HSBC (Oct. 1): Cut its 2026 average gold forecast to $4,490 from $4,560 and its 2027 average to $4,825. It said gold could face further near-term pressure but is likely nearing a bottom (Reuters).
- J.P. Morgan (2026 outlook): Still sees gold averaging about $6,000/oz in Q4 2026, rising toward $6,300/oz by the end of 2027, while warning that a Fed hiking cycle is the biggest bearish risk (J.P. Morgan Global Research).
- Goldman Sachs (Sept. 18): Cut its end-2026 gold fair-value estimate to $4,650 from $4,900 but kept $5,400 for end-2027 (Investing.com).
- Morgan Stanley (late Sept. / CNBC): Still constructive on a 12-month view and had described $4,000 as a strong floor, citing central-bank buying, potential yield relief and geopolitics (CNBC coverage of Morgan Stanley).
- Bank of America (July 7): Forecasts a 2026 average of $4,360 but sees $5,000 within reach once Fed tightening ends (Reuters).
- Citi (Aug. 12): Silver targets of $75 over 0–3 months and $90 over 6–12 months (Investing.com).
- Deutsche Bank (June): Analyst Michael Hsueh warned that three to four Fed hikes could drag gold toward $3,800 (Deutsche Bank, via financial press).
What Major Refiners See
Dated outlooks from major refiners (their views, not ours):
- Heraeus (2026 forecast): Gold $3,750–$5,000/oz; silver $43–$62/oz; platinum $1,300–$1,800/oz; palladium $950–$1,500/oz, with consolidation early in 2026 before a possible gold-led resumption (Heraeus Precious Metals).
- MKS PAMP (Jan. 2026 outlook): Base-case 2026 averages of gold $4,500, silver $65, platinum $2,000 and palladium $1,900/oz (MKS PAMP).
- Johnson Matthey (May 14, 2026 PGM report): Platinum expected to remain in deficit in 2026; palladium could record a small surplus as auto demand softens (Johnson Matthey).
What to Watch This Week
- Today (Wed., Nov. 4): ISM services PMI and ADP employment.
- Fri., Nov. 6: October jobs report (8:30 a.m. ET).
(Trading Economics calendar.)
FAQ
Why are metals higher this morning?
The dollar and Treasury yields fell after Democrats' gains in the midterm elections, and some investors are more worried about the U.S. fiscal outlook. A weaker dollar and lower yields tend to help gold and silver.
Is gold back above $4,000?
Yes. COMEX gold futures are near $4,053 and spot gold is near $4,042. That is the level some banks, including UBS and Morgan Stanley, have described as an area where they expect buyers; those are their published views, not guarantees.
What is the gold/silver ratio right now?
About 77.8 on early spot prices, meaning one ounce of gold buys roughly 78 ounces of silver.
Why is copper in the price table?
Copper is an industrial metal, not a precious metal. We show the COMEX copper futures price for context on industrial demand and the broader economy.
Is the spot price what I'll pay for coins and bars?
No. Spot is the wholesale benchmark; physical products carry a premium over it.
Shop or Sell at Camino Coin Company
Buying or selling? Browse gold bars, silver bullion, platinum, palladium, U.S. silver coins and silver rounds, or see how to sell to us. Visit our Menlo Park store at 846 Santa Cruz Avenue, Menlo Park, CA 94025 (Monday–Friday, 8:30 a.m.–4 p.m.), call 650-348-3000, or toll-free 800-348-8001.
This article is for informational purposes only and is not financial advice. Prices change constantly. Forecasts are third-party opinions, not guarantees. Consult a qualified advisor before investing.
