Spot gold rises for second consecutive day to $4,134.83 per ounce as dollar weakens and Treasury yields fall

Spot gold rose 1.9% to $4,134.83 per ounce as of 11:16 a.m. Beijing time on November 5, marking the second consecutive day of gains and the highest level since October 22. The intraday advance on November 5 reached about 2%. The rally followed predictions by multiple U.S. mainstream media outlets that Democrats would win big in the November 3 midterm elections, and was supported by a weaker dollar and lower U.S. Treasury yields. A market analyst at brokerage XS Group said the weaker dollar and falling Treasury yields helped push gold back above $4,000 per ounce. On October 30, spot gold had fallen to $3,956.09 per ounce, down 1.6%, a four-month low, before beginning a volatile upward move.