Gold Futures Reach $4,155 and Silver $53.49 as the Dollar Slips and Stocks Tumble

StoneX's Rhona O'Connell had written before the result that a divided government would mean less fiscal stimulus, lower long yields and a softer dollar, partly offset by a Fed leaning toward another hike. The sweep went further than divided government, and the market has priced the first half of her argument.

How far has gold fallen in 2026 and what do analysts expect?

A long way. Gold rose 66 percent in 2025 and silver 135 percent; this year gold is down more than 6 percent and silver about 26 percent, as rising inflation, surging bond yields and hawkish central banks reversed the trade. Gold's record of $5,591.61 was set on 29 January, so Thursday's level is still roughly a quarter below it. Citi now targets $4,500 within three months and $5,000 within six to twelve, investingLive reported.

Capital.com's Daniela Hathorn warned that the recovery is fragile: geopolitical uncertainty has not reliably produced safe-haven demand while investors worry about tight money, and metals face liquidation risk in sharp equity sell-offs. Thursday was a sharp equity sell-off, and metals rose, which is the first sign in months that the old relationship is reasserting itself.

What should gold investors watch on Friday?

The US jobs report, which sets the December Fed meeting more than anything the election did. In India, where Dhanteras and Diwali fall this weekend, MCX gold slipped back to Rs 1,44,813 per 10 grams by early afternoon, still up 1.1 percent on the day, with festival demand expected to support prices. Oil's rebound to $97 on Thursday afternoon is the reminder that the inflation story is not over, and the Bank of England's rate rise to 4 percent is the reminder that central banks are still tightening into it.