November 5, 2026 - Gold Rises 1.60% to $4,124.93, Silver Gains 0.65% to $52.58 and Brent Falls 0.35% to $94.29

Global Markets

(A) Precious Metals

Gold: $4,124.93/oz (+1.60%)

Gold rose 1.60% to $4,124.93/oz, approaching a two-week high as a weaker U.S. dollar, declining Treasury yields and Democratic victories in the U.S. midterm elections strengthened demand.

The 10-year Treasury yield fell to 4.87%, supporting bullion. Analyst Linh Tran highlighted sustained investment flows and lower yields as key factors that could support a recovery toward $4,200-$4,400, while an 82% probability of a December Fed rate increase remained a potential headwind.

Silver: $52.58/oz (+0.65%)

Silver gained 0.65% to $52.58/oz as dollar weakness, falling Treasury yields and renewed precious-metals buying supported prices. Gold's recovery above $4,100/oz strengthened sentiment, while improving global risk appetite following the U.S. midterm elections provided additional support.

However, expectations of a December Federal Reserve rate increase and uncertainty ahead of Friday's U.S. employment report limited gains.

(B) Energy

Brent Crude: $94.29/bbl (-0.35%)

Brent declined 0.35% to $94.29/bbl, extending losses for a fourth consecutive session as Democratic victories in the U.S. midterm elections reduced expectations of further U.S.-Iran military escalation.

Both oil benchmarks had fallen more than 8% on Wednesday, while recovering Middle East shipments and an estimated 1.4-million-barrel-per-day global oil surplus in October added pressure. Analyst June Goh highlighted growing expectations of a diplomatic resolution but warned that geopolitical uncertainty could sustain volatility.

(C) FX

DXY: 101.22 (-0.25%)

The U.S. Dollar Index fell 0.25% to 101.22 as Democratic midterm victories, declining Treasury yields and easing geopolitical tensions pressured the dollar. Markets priced an 80.7% probability of a December Fed rate increase, limiting losses.

USD/JPY: 157.84 (-0.35%)

USD/JPY declined 0.35% to 157.84 as falling U.S. Treasury yields and expectations of further Bank of Japan tightening strengthened the yen. Expectations of another BOJ rate increase in December added pressure.

EUR/USD: 1.1263 (+0.32%)

EUR/USD gained 0.32% to 1.1263 as dollar weakness, lower Treasury yields and expectations of U.S. political gridlock supported the euro. Fed tightening expectations limited further gains.

GBP/USD: 1.3490 (+0.14%)

GBP/USD rose 0.14% to 1.3490 as dollar weakness and expectations of a 25-basis-point Bank of England rate increase to 4.00% supported sterling ahead of Thursday's policy decision.

AUD/USD: 0.7011 (+0.11%)

AUD/USD edged up 0.11% to 0.7011 as dollar weakness, easing Middle East tensions and improved risk sentiment supported the Australian dollar. Asian technology-sector losses limited gains.

High-Impact Economic Events

Note: These economic events are for informational purposes only. Please conduct your own research before making any market decisions.

Volatility

The VIX declined to 16.61 from 20.83 as strong U.S. equity gains and easing geopolitical tensions improved market sentiment, while Fed policy uncertainty remained.

What Markets Are Watching

1. Bank of England Interest-Rate Decision & Federal Reserve Policy

Markets await the Bank of England's expected 25-basis-point rate increase to 4.00% from 3.75%, with economists forecasting a 7-2 vote as elevated energy costs sustain inflation pressures. Meanwhile, traders price an 80.7% probability of a December Federal Reserve rate increase, while Friday's U.S. nonfarm payrolls report remains central to expectations for Treasury yields, precious metals and the dollar.

2. Middle East Tensions & Global Oil Markets

Brent's decline below $94/bbl, following losses exceeding 8% on Wednesday, reflects expectations that Democratic control of Congress could reduce the risk of further U.S.-Iran military escalation. JPMorgan estimates a global oil surplus of 1.4 million barrels per day in October, while Eurasia Group lowered its probability of renewed U.S. strikes on Iran to 60% from 65%. However, diplomatic uncertainty and the possibility of renewed conflict remain key risks for energy prices.

3. U.S. Employment Data, AI Regulation & Global Equities

Investors await Friday's U.S. employment report for further signals on Federal Reserve policy, following stronger-than-expected October private payroll growth. Meanwhile, concerns over tighter U.S. data-centre regulation pressured Asian technology stocks, with South Korea's KOSPI falling approximately 4% and Taiwan's benchmark declining 1.8% in Thursday morning trading. Political gridlock, corporate investment spending and changing interest-rate expectations remain central to global equity sentiment.