Gold near $4,140 and silver near $53 as lower yields boost metals ahead of US payrolls
ITF Team2 min read
Gold trades around $4,140 and silver near $53.07 on Nov 5, 2026, supported by falling Treasury yields and a softer dollar ahead of the US jobs report.
Key takeaways
- Gold was trading near $4,140 per ounce on Nov 5, 2026, after breaking above its descending channel.
- Silver was around $53.07 per ounce on the same day, testing the top of its falling channel.
- Central banks added a net 321 tonnes of gold in Q3 2026, while gold ETFs added 211 tonnes to a record 4,256 tonnes.
- A four‑hour close above $4,146 would open the path to $4,212 for gold, and a close above $53.07 could lift silver toward $54.45.
On Nov 5, 2026, spot gold hovered near $4,140 per ounce and spot silver near $53.07 per ounce. The move came as U.S. Treasury yields slipped and the dollar weakened after the Democratic win in the midterm elections, giving a lift to non‑interest‑bearing assets. Traders are now watching the upcoming U.S. employment report on Nov 6 for clues on the Federal Reserve’s next rate decision.
Technical backdrop for gold
Gold’s four‑hour chart shows a break above a descending channel, with the price briefly touching $4,146 before retreating. The next resistance level is $4,212, while the first support sits at $4,075, followed by $3,989. The Relative Strength Index (RSI) has moved above 70, signalling strong upward momentum but also raising the risk of a pull‑back if the breakout fails.
The technical signal aligns with fundamental support: lower yields make the non‑yielding metal more attractive, and a softer dollar reduces the price in foreign currencies. However, expectations of further Fed tightening remain a headwind, and a disappointing jobs report could push yields back up, testing the $4,075 support.
Silver’s recovery pattern
Silver is trading at the upper edge of a falling channel on the four‑hour chart, with $53.07 as the current level. A decisive close above the channel would target $54.45, then $56.36, while support lies at $51.24 and $50.03. RSI is above 60 and the signal line is also rising, indicating improving buying pressure.
Industrial demand for silver remains mixed. Forecasts from Metals Focus suggest a 3% drop in industrial consumption for 2026, driven by reduced solar‑panel usage. Nevertheless, automotive electrification and AI‑related hardware provide a partial offset, keeping the metal’s outlook dependent on broader economic data.
Read also: USD/JPY continues bearish bias after hawkish BoJ minutes
Supply‑side dynamics
The World Gold Council reported that central banks purchased a net 321 tonnes of gold in Q3 2026, a 42% increase year‑on‑year. Gold ETFs added 211 tonnes, pushing total holdings to a record 4,256 tonnes. These official and investment inflows have helped sustain prices despite a 19% drop in retail bar‑and‑coin purchases and a 17% decline in jewellery demand.
For silver, the physical market remains tighter as bar purchases have not kept pace with the modest ETF inflows. The combination of weaker retail demand and lower industrial usage means price moves are more sensitive to technical breakouts and macro data.
What to watch next
The key catalyst is the U.S. employment report scheduled for Nov 6, which will reveal October’s non‑farm payrolls and wage growth. Strong numbers could reinforce expectations of higher Fed rates, pushing yields up and pressuring gold and silver. Conversely, a soft report may keep yields low, allowing the metals to test the next technical targets.
- U.S. non‑farm payrolls (Nov 6)
- U.S. core CPI data (mid‑December)
- Potential Fed rate decision (early 2027)
- Gold support at $4,075; resistance at $4,212
- Silver support at $51.24; resistance at $54.45
Frequently asked questions
Why did gold rise to around $4,140 on Nov 5, 2026?
Gold gained as Treasury yields fell and the dollar softened after the U.S. midterm election results, making a non‑yielding asset more attractive. The price also broke above a descending technical channel, adding bullish momentum.
How could the U.S. jobs report on Nov 6 affect gold and silver?
The payroll data will influence expectations for the Federal Reserve’s next rate move. Strong hiring or wages could lift yields, pressuring gold and silver lower, while weak data could keep yields low and support further price gains.
What are the main supply factors for gold in Q3 2026?
Central banks added a net 321 tonnes of gold, and gold ETFs accumulated 211 tonnes, bringing total ETF holdings to a record 4,256 tonnes. Retail bar‑and‑coin purchases fell 19% year‑over‑year, limiting private demand.
Official data sources
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This article is compiled from international market news for information only. It is not investment advice.