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On the morning of November 4, gold traded around $3,930 per ounce, recovering from a drop to lows last seen in September 2025. The reason is the collapse of the dollar after the first results of the midterm congressional elections held on November 3.
The US Department of Labor published the JOLTS report for September - the number of job openings in the labor market. The actual figure came in almost 400 thousand above the forecast, and the previous value was revised upward.
Gold closed October with a 6.87% decline, and on Friday it hit a new yearly low of $3,870. On Monday the metal is being bought back: XAU/USD around $3,900, up 0.64% for the day, with an intraday high of $3,919. The metal is still about 30% below the all-time peak of $5,600 set in January.
On Monday, November 2, spot gold is trading around $3,906.39 per ounce - up $30.55 (+0.79%) from Friday's close of $3,875.84. The rebound follows Friday's plunge of nearly 3.5% to a one-year low. Reuters recorded $3,900.05 (+0.6%) at the start of the Asian session.
On Friday, October 30, spot gold closed around $3,875 per ounce: down 3.62% for the session and down 3.74% for the week. From the August level of roughly $4,700, the metal is now 18% lower.
From November 2 to 6, the market will get four reasons to move at once: the US midterm congressional elections, decisions from four central banks and the US employment report on Friday. The dollar enters this week after two weeks of decline and, for the first time in a long while, at its 200-week moving average.
On October 29, XAU/USD fell more than 1% - from the day's high of $4,069 to $4,019. Strong US economic data interrupted gold's three-day winning streak and reinforced the market's bet that the Fed will raise rates in December.
In August, the number of job openings in the US declined to 7.079 million versus the expected 7.225-7.230 million. At the same time, hires and layoffs remained nearly unchanged.
