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Gold Rebounds Above $4,000, Gains 3.5% as U.S. Yields Fall: WGC
Gold recovered above $4,000 per ounce during the week ended November 6, 2026, as falling Treasury yields, weaker technology stocks and changing U.S. political expectations supported bullion. However, prices remained 7.3% lower for the year.
By Paul Ploumis | Published November 10, 2026
Key Points
- Gold gains 3.5%: LBMA Gold Price PM reaches $4,050/oz on November 6, although year-to-date performance remains negative.
- Market drivers: Falling Treasury yields, technology-sector weakness and shifting political expectations support bullion.
- Technical levels: The report identifies $3,858/oz as key support and $4,186/oz as initial resistance.
SEATTLE (Scrap Monster): Gold prices recovered above the psychologically important $4,000-per-ounce level last week, supported by lower U.S. Treasury yields, weakness in technology stocks and shifting political expectations, according to the World Gold Council's (WGC) Weekly Markets Monitor, published November 9.
The LBMA Gold Price PM reached $4,050 per ounce on Friday, November 6, representing a 3.5% weekly increase. Despite the recovery, bullion remained 7.3% lower year to date.
U.S. Political Developments and Bond Yields Support Gold
The Democratic Party's gains in the U.S. midterm elections prompted investors to reassess prospects for government spending, artificial intelligence regulation and foreign policy.
Meanwhile, a sell-off in AI-related equities and declining Treasury yields helped improve gold's investment appeal. Lower yields generally reduce the opportunity cost of holding non-yielding assets such as bullion.
However, the WGC cautioned that resilient U.S. employment and business activity, alongside persistent inflation, could limit the recovery if markets reassess the likelihood of further Federal Reserve tightening.
SCRAPMONSTER EDGE | PRECIOUS METALS
Gold's Recovery Does Not Guarantee More Recycling Supply
Higher bullion prices may encourage some holders to sell unwanted jewellery and other gold-bearing material, but recent market data show that the relationship is not automatic.
The WGC reported that global recycled gold supply declined 8% to 314.5 tonnes in Q3 2026, even though average bullion prices were higher than a year earlier.
Industry takeaway: Refiners and precious-metals buyers should monitor both bullion price movements and actual scrap availability. Price strength alone does not establish that recycling volumes will increase.
Gold ETF Outflows Contrast With Improving Futures Sentiment
Gold-backed exchange-traded funds recorded net outflows during the reporting week, with European-listed funds accounting for much of the decline.
In contrast, positioning in gold futures options turned positive for the first time since mid-September, according to the market report.
The difference suggests that investor sentiment remains uneven, with fund flows and derivatives positioning sending different signals.
For context, global gold ETFs attracted a record $31 billion in Q3 2026, according to the WGC, illustrating how the latest weekly outflows differ from the longer-term quarterly trend.
Gold Price Outlook: $3,858 Support and $4,186 Resistance
The WGC technical assessment cited in the report identifies $3,858 per ounce as an important support level. A sustained break below that price could increase downside pressure.
Initial resistance was identified at $4,186 per ounce, followed by a stronger resistance zone between $4,226 and $4,236.
If support at $3,858 fails, the technical scenario identifies possible lower reference levels around $3,820, $3,605 and $3,500 per ounce.
These are conditional technical reference levels, not guaranteed price targets. The next direction will depend on U.S. inflation data, bond yields, Federal Reserve expectations and broader investor sentiment.
Related Gold Market Reports
Also Read: Global Gold Supply Falls 1% in Q3 Despite Record Mine Output: WGC.
Also Read: WGC: Gold ETF Inflows Hit Record $31 Billion in Q3 2026.
Source: World Gold Council, Weekly Markets Monitor, November 9, 2026. LBMA Gold Price PM quotations are benchmark observations, not live spot prices. Technical levels reflect the cited market assessment and are subject to change.