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Gold climbs to two-week high globally on weaker dollar
Published : Thursday, 5 November, 2026 at 7:15 PM
Observer Online Report
Gold prices climbed to their highest level in more than two weeks on Thursday, supported by a weaker US dollar, declining Treasury yields and falling oil prices following the US midterm elections.
The precious metal has gained more than $250 per ounce this week as investors reassessed market risks and monetary policy expectations.
Spot gold rose 1.7 per cent to $4,130.27 per ounce at 3:18PM Bangladesh time on Thursday. It touched $4,146.63 during the session, its highest level since October 20.
Gold had surged nearly 3.4 per cent on Wednesday, marking its biggest single-day gain since August 19. Last Friday, prices had fallen to a one-year low of $3,869.85 per ounce.
Meanwhile, US gold futures for December delivery advanced 1.6 per cent to $4,139.60 per ounce.
Ole Hansen, head of commodity strategy at Saxo Bank, said precious metals were benefiting significantly from the US elections. He attributed the gains to falling oil prices, easing concerns over inflation and interest rates, and declining Treasury yields and the US dollar, which had forced investors to unwind recent speculative short positions.
Brent crude prices fell below $100 a barrel after plunging nearly 9 per cent on Wednesday. The decline followed expectations that major Democratic gains in the US midterm elections could reduce the risk of further escalation of the Iran war. The US dollar and Treasury yields also dropped to their lowest levels in several weeks.
Lower oil prices could ease inflationary pressures and reduce expectations of interest rates remaining elevated for an extended period. A weaker dollar also makes gold cheaper for buyers using other currencies, potentially boosting global demand for the precious metal.
Investors are now awaiting the US non-farm payrolls report, due on Friday, for further indications about the Federal Reserve's future interest rate decisions.
Meanwhile, the Bank of England is widely expected to raise interest rates on Thursday, which could mark its first rate increase in three years and place it among major central banks tightening monetary policy.
Other precious metals also posted gains. Spot silver rose 1.1 per cent to $52.80 per ounce, while platinum gained 1.4 per cent to $1,518.30. Palladium advanced 1.8 per cent to $1,022.89 per ounce.
- MaT
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Editor : Iqbal Sobhan Chowdhury
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Published by the Editor on behalf of the Observer Ltd. from Globe Printers, 24/A, New Eskaton Road, Ramna, Dhaka.
Editorial, News and Commercial Offices : Aziz Bhaban (2nd floor), 93, Motijheel C/A, Dhaka-1000.
Phone: PABX- 41053001-06; Advertisement: 41053012; 01793317829, 01550707291, 01550707296
E-mail: [email protected], [email protected]. [email protected], [email protected], [email protected], [email protected], Online-email: [email protected]
