Gold Price Today, November 4: US Election, Fed Rate Decision and Indian Jewellery Demand in Focus
Gold prices remained volatile on Wednesday, November 4, 2026, as investors watched the US midterm election results and fresh signals about the Federal Reserve’s next interest rate decision.
International gold was trading near $3,931 per ounce in early trading. A weaker US dollar and falling US Treasury yields provided some support to the precious metal. However, expectations of a possible interest rate hike in December continued to create pressure on gold.
In India, gold prices also remained in focus ahead of Dhanteras and Diwali. Buyers are watching the market closely because even a small change in gold prices can make a difference to jewellery purchases.
The important question for investors is whether gold can move towards $4,000 per ounce or face another round of selling.
US Midterm Elections: Why Are Gold Investors Watching Trump?
The US midterm elections have become an important factor for global financial markets.
Early election developments showed gains for Democrats in some Senate contests. This created uncertainty around the political balance in Washington and put pressure on the US dollar and stock futures.
Gold often attracts investors when political or economic uncertainty increases. This is because many investors consider it a safe-haven asset during uncertain times.
If Democrats gain more control in Congress, the Trump administration may face greater challenges in passing some of its policies. This could create uncertainty around government spending, taxes and future economic decisions.
However, the election results do not automatically mean that gold prices will rise. Investors will also watch the final results, the dollar’s movement and US bond yields.
For gold, the direction of the US dollar will remain especially important. A weaker dollar generally makes gold cheaper for buyers using other currencies, which can support international demand.
Fed Interest Rate Decision Could Change Gold’s Direction
The Federal Reserve’s next policy decision is another major factor for gold prices.
Market expectations are currently pointing towards a possible rate hike in December. According to market estimates reported on November 4, traders see around a 78% probability of a December rate increase.
This matters because gold does not pay interest like bank deposits or government bonds.
When interest rates rise, investors may find interest-paying assets more attractive than gold. This can reduce demand for the precious metal and put pressure on its price.
On the other hand, if economic data becomes weaker and the Fed takes a less aggressive approach, gold could receive some support.
Investors are also waiting for US employment data, including the Non-Farm Payrolls report expected on Friday. This data may provide fresh clues about the strength of the US economy and the Fed’s future decisions.
The $4,000 per ounce level is now an important resistance area for gold. A strong move above this level could improve market sentiment, while failure to cross it may encourage profit booking.
Indian Jewellery Demand Faces a Different Challenge
Indian Jewellery Demand Faces a Different ChallengeWhile global investors are focusing on US politics and interest rates, Indian jewellery buyers have another concern: high gold prices.
Dhanteras will be celebrated on November 6, followed by Diwali on November 8. Gold purchases usually increase during this period because many Indian families consider buying gold auspicious.
However, expensive gold is changing consumer behaviour.
According to the World Gold Council, India’s gold demand fell 29% year-on-year to around 162.5 tonnes in the September quarter of 2026. Jewellery demand declined 20%, while investment demand fell 40%.
The World Gold Council expects India’s total gold demand to reach around 650 tonnes in 2026, potentially the lowest level since 2020.
This shows an important difference between gold prices and actual buying activity. Even when the value of jewellery sales increases, customers may purchase fewer grams because gold has become more expensive.
Some buyers may choose lightweight jewellery, smaller coins or postpone purchases. This could become a challenge for jewellery retailers during the festive and wedding seasons.
However, festival-related buying and the wedding season may provide some support to demand in the December quarter.
What Should Gold Investors Watch Next?
Gold prices are currently being influenced by several factors rather than one single event.
The final US midterm election results, the Federal Reserve’s interest rate outlook, the US dollar and Friday’s employment data will be important for the next market move.
For Indian buyers, domestic gold prices will also depend on the rupee-dollar exchange rate, import costs and local demand.
A move towards $4,000 per ounce could improve market confidence, but investors should not assume that gold will rise continuously. Similarly, a short-term decline does not necessarily mean that its longer-term outlook has changed.
For jewellery buyers, comparing local rates and checking making charges before purchasing may be more useful than trying to predict the exact bottom of the market.
The bigger story is that gold is now facing two different forces: global uncertainty is supporting its safe-haven appeal, while high prices are making Indian consumers more careful about buying jewellery.
