Gold Climbs Above $4,100 as Yields Fall and Softer Labor Costs Support Bullion

Gold futures climbed further above $4,100 an ounce on Thursday, Nov. 5, 2026, extending Wednesday's rebound as falling Treasury yields, a softer U.S. dollar and fresh data showing declining unit labor costs supported bullion, while silver, platinum and palladium also advanced.

Gold reclaims the $4,100 area

As of about 12:08 p.m. ET, Comex gold futures were at about $4,137.30 an ounce, up about 1.58%, according to Yahoo Finance data. Kitco News said spot gold was trading near $4,119.50 in early U.S. hours, up $60.30 or about 1.49%, after earlier reaching $4,146.63, its highest level since Oct. 20, extending the recovery from October's steep correction. Spot silver was near $52.39 in Kitco's morning reading, up about 0.56%.

By midday, silver futures were at about $53.01, up about 1.39%, palladium futures near $1,054.50, up about 5.1%, and platinum futures near $1,540.90, up about 2.85%, according to Yahoo Finance data. The moves broadened Thursday's precious-metals advance beyond gold after Wednesday's session had already lifted the complex as the dollar and yields fell following Democrats' midterm sweep.

Productivity, claims and the rate backdrop

Kitco reported that nonfarm business productivity increased at a seasonally adjusted annualized rate of 3.6% in the third quarter, accelerating from an upwardly revised 2.1% in the second quarter. Output rose 3.7% while hours worked advanced just 0.1%. Unit labor costs declined at a 0.7% annualized rate, reversing the previous quarter's revised 1.9% increase, as productivity growth outpaced a 2.9% rise in hourly compensation. Kitco said the decline suggests improving efficiency is helping businesses absorb wage increases without equivalent upward pressure on prices, though the link to consumer inflation is not immediate.

Weekly initial jobless claims fell by 6,000 to a seasonally adjusted 189,000 in the week ended Oct. 31, below expectations near 196,000 and down from an upwardly revised 195,000, Kitco said. The four-week moving average declined by 2,250 to 194,750. Continuing claims increased by 23,000 to 1.718 million in the week ended Oct. 24, while the insured unemployment rate remained at 1.1%. Kitco said the combination of stronger productivity, lower unit labor costs and limited layoffs presents a potentially favorable inflation outlook, but also reinforces expectations that the Federal Reserve has room to keep policy restrictive.

The benchmark 10-year Treasury yield was about 4.835% as of about 12:08 p.m. ET, down from about 4.894%, according to Yahoo Finance data. Kitco said the 10-year yield ended Wednesday near 4.89%, about 6 basis points lower, while the two-year yield declined toward 4.58%. The dollar index was near 101.44 midday, down about 0.12%. Kitco said interest-rate futures still assigned roughly an 80% probability to a 25-basis-point Fed increase at the Dec. 8-9 meeting. The Fed left its target range at 3.75% to 4.00% in October.

Election aftermath and energy crosscurrents

Kitco said Democrats' control of the House and Senate raised expectations for legislative gridlock and potentially less expansionary fiscal policy, which helped yields decline and supported non-yielding bullion. Third-quarter GDP expanded at a 3.4% annualized pace and September core personal consumption expenditures inflation remained at 3.1% annually, according to Kitco. Attention turns to Friday's October employment report, with economists expecting payroll gains of about 50,000 to 60,000 and the unemployment rate near 4.2%, plus the preliminary November University of Michigan consumer sentiment survey.

On the energy side, Kitco noted crude prices rebounded Thursday after falling more than 8% Wednesday, with Brent near $96.15 and WTI near $88.64 in European morning trading in that report. Midday Yahoo quotes showed a further rebound, with WTI at $90.17 and Brent at $96.80. Kitco said lower oil versus last week's levels reduces some energy-driven inflation concerns for gold, while unresolved Gulf security risks continue to support defensive demand. Silver benefits from the broader metals recovery but remains sensitive to manufacturing and growth outlooks because of its industrial uses.

Technically, Kitco said spot gold bulls' next upside objective was a push back above $4,146 resistance, with support near $4,075 and then $3,989. For silver, Kitco cited resistance in the $53.07 to $54.45 area and support near $51.24. Thursday's session left gold leading a broad precious-metals advance on lower yields and softer labor-cost data, even as December Fed-hike odds remained high ahead of Friday's jobs report.

Sources: Kitco News, Nov. 5, 2026; Yahoo Finance market data as of about 12:08 p.m. ET; CNBC oil context via related Nov. 5 reporting.