Gold went into the US midterm vote after its steepest pre-election fall of the five midterms BullionVault compared. On Monday it bounced, and silver followed it up from an 11-month low.
Spot gold rose almost $75 an ounce on Monday 2 November 2026 from Friday's close, touching $3,948 by lunchtime in London, BullionVault reported. That followed an 11.0% fall over the eight weeks before Tuesday's US midterm elections. Silver recovered to $51.25 after ending the previous week at $49.13, an 11-month low.
What happened
Gold started November near its lowest level in a year. According to BullionVault's report on Monday 2 November, spot gold then rose almost $75 an ounce from Friday night's close, touching $3,948 by lunchtime in London, as oil prices fell. The bounce came after gold set new one-year lows the week before. Prices move through the day, so these are the levels as reported at that time.
The run-up to the vote
Americans vote in the midterm elections on Tuesday 3 November 2026. BullionVault calculates that gold lost 11.0% over the eight weeks before the vote, the steepest pre-midterm fall of the five elections in its comparison, which goes back to 2010. It also notes that in the earlier midterms gold showed no consistent pattern, rising twice and falling twice in the weeks before polling day. That is history, not a forecast: past elections say little about what the price will do this week.
Silver followed gold back up
Silver ended last week at $49.13 an ounce, its lowest in 11 months, and rebounded to $51.25 on Monday, BullionVault reported. Silver had traded near $120 at the start of 2026, and on Friday it fell back through the $50 level of its 1980 and 2011 peaks. Silver usually moves further than gold in both directions.
Why elections, oil and rates move gold
Gold is priced in dollars and pays no interest. Anything that changes expectations for US inflation, interest rates or the dollar tends to show up in the gold price. Oil feeds into inflation, so a fall in oil can ease fears of higher rates, which helps gold. An election can change expectations for spending, the dollar and policy, and markets often move before the result is known. Our report on gold slipping below $4,000 last week covers how bets on a December rate rise weighed on the metal.
What a short swing means if you own gold
A day's move of a few per cent changes the market price of bullion, but it is only one part of what a piece of jewellery or a coin is worth. Maker, age, condition, rarity and demand from collectors often count for more, especially on antique and signed pieces. If you are wondering whether now is the moment to sell, our guide Is now a good time to sell gold? explains what to weigh up. Every piece is different: send us a few photos and we will tell you what yours is worth, free and with no obligation.
More from Mozeris News
Looking to buy or sell? Get in touch
We buy and sell antique and vintage jewellery, watches, silver and collectables, with free valuations and free insured collection.
About Mozeris Fine Antiques
Mozeris Fine Antiques is a dealer in fine jewellery, watches and silver, with offices in Mayfair, London, and Braintree, Essex. We buy and sell, and offer free valuations. Visits are by appointment.
- BullionVault: Gold rallies nearly $75 after 11% pre-midterms plunge; silver rebounds (2 Nov 2026)
- BullionVault: Silver falls through 1980 and 2011 peak at $50 as gold sinks (30 Oct 2026)
Prices and comparisons as reported by BullionVault at the times stated. Past performance is not a guide to future prices, and nothing here is investment advice. Mozeris Fine Antiques is not connected with BullionVault. No photograph is used because no licensed image was available.
