Gold jumps above $4,000 as the dollar slips, and MCX gold rises ₹2,843 before Dhanteras
Gold made a sharp move on Wednesday, November 4, 2026. Spot gold crossed $4,000 an ounce, up about 1.78% on the day, while December gold futures on the COMEX exchange traded near $4,027, roughly $87 (2.2%) above Tuesday's settlement of $3,940.40.
In India, the rally was just as strong. At midday, MCX gold stood at ₹1,42,295 per 10 grams, up ₹2,843 or 2.04%, and MCX silver rose ₹6,532 to ₹1,86,230 per kg, a gain of 3.63%. In Delhi, 24K gold was quoted at ₹1,40,060 and 22K gold at ₹1,28,400 per 10 grams.
## Why gold moved
A weaker dollar. The US dollar index slipped to about 101.50 from 101.87, a one-month low. A softer dollar makes gold cheaper for buyers using other currencies.
Lower bond yields. Analysts said sharp falls in US Treasury yields also supported gold, because gold pays no interest and looks better when yields drop.
US election results. Democrats won the House in the midterms, and CBS News projected they would also control the Senate. A split government lowers the odds of new government spending, which markets read as slower growth and a weaker dollar.
Risk-off mood and oil. Nasdaq-100 futures fell as much as about 2% overnight, and Brent crude settled at $103.60 on Tuesday. Falling oil eases inflation worries, which also supports gold.
Festive demand in India. Buying ahead of Dhanteras added to the rise in Indian rates.
What to watch next
The US October jobs report is due on Friday, November 6, and it could move the dollar and gold again. Reports also differ on interest rates: one source cites about a 78% chance of a Fed rate hike in December, while another says expectations of further US hikes have eased. That disagreement is a reason to expect sharp moves.
What it means for you
If you plan to buy jewellery, coins or gold bonds, check the rate at your jeweller or on your platform on the day, because city rates, MCX futures and spot prices differ. Prices above are midday figures from November 4 and may have changed since. This article is general information and not financial advice.