Why Is Gold Rates Rising? Is The US Midterm Election 2026 Driving The Sudden Global Surge? Check Key Reasons Behind The Rally

Gold Rate Today, November 4, 2026: The precious metal hit rock bottom this morning, touching its lowest price in nearly a year after an extended period of surging prices and record highs.

Amid geopolitical developments, gold witnessed a significant decline since the beginning of October, a trend reflected across global markets. With rising crude oil prices, gold rates moved lower as investors reassessed their positions in the precious metal.

Although this decline gave domestic buyers an opportunity to purchase gold during the festive season, prices witnessed a sudden recovery on Wednesday, November 4, as domestic retail rates moved higher amid renewed global buying interest. In Delhi, 24-karat gold is currently priced at ₹14,006 per gram, translating to ₹1,40,060 per 10 grams. Meanwhile, 22-karat gold costs ₹12,839 per gram, and 18-karat gold is retailing at ₹10,505 per gram.

Something interesting about today's gold prices is how they surged amid the US midterm elections. In the morning, gold prices were hovering around ₹1.37 lakh per 10 grams, triggering fresh buying interest.

Domestic gold prices touched their lowest levels today since January. Since last year, gold prices have rarely been this low.

As the US midterm elections moved towards conclusion, international gold futures also climbed above $4,030 per ounce, supported by changing US political and economic developments.

Gold Rate Today, November 4, 2026: 24K Gold Morning Low vs Afternoon Prices in 20 Indian Cities

Why Are Gold Prices Surging Suddenly? Key Reasons Explained

US Midterm Election Results And Political Uncertainty

According to market specialists, one of the major reasons behind the gold price surge is the early US midterm election results indicating significant Democratic gains. This has raised expectations of political gridlock in Washington.

The changing political expectations surrounding the election results have influenced investor sentiment.

If the political scenario in Washington changes, global financial markets are also likely to be directly affected. The early US midterm election results have provided a potential breakout for gold prices.

Weakening US Dollar

The US Dollar Index reportedly slipped to a nearly four-week low following developments surrounding the midterm elections. Since gold is traded internationally in US dollars, a weaker dollar makes bullion relatively cheaper for overseas buyers. This can encourage international demand and provide additional support to gold prices.

Falling US Treasury Yields

US 10-year Treasury yields declined by approximately six basis points to 4.90%. Lower bond yields reduce the opportunity cost of holding gold, which does not generate regular interest income. Consequently, investors may find precious metals more attractive compared with interest-bearing financial instruments, supporting the latest gold recovery.

Crude Oil Price Correction And Inflation Concerns: 

Another big reson behind the surge of gold, Brent crude slipped below $110 per barrel, while WTI approached $100. Lower oil prices can ease energy-driven inflation concerns and reduce expectations of aggressive interest rate hikes. Meanwhile, lingering US-Iran geopolitical tensions continue to support safe-haven demand, adding another layer of support to gold prices.

Also Read: Gold Rate Crashes Over ₹42,000 From January Peak Ahead Of Diwali: Why Are Prices Falling And Is It The Right Time To Invest? Check State-Wise Gold Price Trends