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Spot gold rises 0.2% to $3,934.75 per ounce by 0024 GMT, while US gold futures for December delivery gain 0.1% to $3,943.20 per ounce.
Gold Price Today.
Gold Prices Today: Gold prices edged higher in early Asian trade on Wednesday, November 4, as a decline in crude oil prices eased inflation concerns and supported demand for the non-yielding precious metal. Investors, meanwhile, remained cautious ahead of US midterm election results and key labour market data for fresh clues on the Federal Reserve’s monetary policy trajectory.
Spot gold rose 0.2% to $3,934.75 per ounce by 0024 GMT, while US gold futures for December delivery gained 0.1% to $3,943.20 per ounce.
The modest recovery in bullion came after oil prices declined around 1% on Tuesday, touching their lowest level in nearly four weeks. Crude prices weakened as markets weighed diplomatic efforts to end the wars in Ukraine and Iran against concerns that fresh attacks could disrupt supplies.
Lower crude oil prices have eased concerns over inflationary pressures, potentially giving the Federal Reserve greater room to reconsider its interest rate trajectory. This has supported gold, which does not offer interest income and tends to become more attractive when interest rates are lower.
Geopolitical Developments In Focus
Developments surrounding the Russia-Ukraine and Iran-US conflicts also remained on investors’ radar. The Kremlin confirmed on Tuesday that Russia would hold three-way peace talks with Ukraine and the United States in Abu Dhabi from November 10-11.
However, prospects of a breakthrough in the Iran-US conflict remained uncertain. A senior Iranian official told Reuters that Tehran and Washington were still far from reaching an agreement to end the war. Qatar has stepped up mediation efforts to bridge differences and prevent another escalation following the US midterm elections.
Any progress on the diplomatic front could influence crude oil prices and, consequently, inflation expectations and demand for safe-haven assets such as gold.
US Midterm Elections, Fed Rate Outlook
Investors were also positioning for the outcome of the US midterm elections, with expectations of a potentially strong Democratic showing raising the possibility of increased volatility across financial markets.
Meanwhile, traders are closely monitoring US labour market data for clues about the Federal Reserve’s next policy moves.
According to CME’s FedWatch tool, markets are currently pricing in a 78% probability of a Fed rate hike in December. The interest rate outlook remains a crucial driver for gold, as higher rates increase the opportunity cost of holding non-yielding bullion.
India’s Gold Demand May Fall To Six-Year Low
On the domestic front, India’s gold demand is expected to decline to a six-year low in 2026, as elevated prices weigh on jewellery purchases and investment demand moderates, the World Gold Council (WGC) said on Tuesday.
Persistently high prices have affected affordability, particularly among jewellery buyers, even as gold continues to attract attention as a store of value amid global economic and geopolitical uncertainty.
Other Precious Metals
Among other precious metals, spot silver declined 0.2% to $49.67 per ounce. Platinum gained 0.3% to $1,422.15 per ounce, while palladium rose 0.5% to $938.49 per ounce.
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Ask News18Gold prices edged higher as a decline in crude oil prices eased inflation concerns and supported demand for the non-yielding precious metal.
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