Spot gold was near $4,119.50 an ounce, up $60.30, or 1.49%, at the latest verified morning reading. It earlier touched $4,146.63, its highest level since Oct. 20. Spot silver gained $0.294, or 0.56%, to $52.390.

Nonfarm business productivity grew at a 3.6% annualized rate in the third quarter, up from a revised 2.1% in the second. Output rose 3.7%, while hours worked increased 0.1%. Unit labor costs fell at a 0.7% annualized rate after a revised 1.9% increase in the previous quarter; hourly compensation rose 2.9%. The figures suggest productivity gains are helping businesses absorb wage increases, though their effect on consumer inflation is not immediate.

Initial jobless claims fell by 6,000 to 189,000 in the week ended Oct. 31, below expectations of about 196,000. The four-week average dropped by 2,250 to 194,750. Continuing claims rose by 23,000 to 1.718 million in the week ended Oct. 24, while the insured unemployment rate held at 1.1%. The data point to limited layoffs, even as some workers may be taking longer to find jobs.

Markets also responded to Democrats’ victories in the midterm elections, which gave the party control of both chambers of Congress. Treasury yields fell Wednesday as investors considered the prospect of legislative gridlock and less expansionary fiscal policy. The 10-year yield ended near 4.89%, down about 6 basis points, and the two-year yield moved toward 4.58%. A weaker dollar also supports precious metals by making bullion less costly for buyers using other currencies and reducing the appeal of yield-bearing assets.

Rate futures still put the probability of a 25-basis-point Fed increase at its Dec. 8-9 meeting at about 80%, down from above 80% before the election. The central bank held its target range at 3.75% to 4.00% in October; two policymakers had favored an immediate increase. Third-quarter GDP grew at a 3.4% annualized pace, and September core personal consumption expenditures inflation was 3.1% year over year. Lower labor costs may ease inflation concerns, but the employment figures reinforce expectations that policy could remain restrictive.

Investors are watching Friday’s October jobs report, due at 8:30 a.m. EST. Economists expect payrolls to rise by about 50,000 to 60,000, with unemployment near 4.2%. Average hourly earnings will be scrutinized for signs of easing wage pressure. The preliminary November University of Michigan consumer sentiment survey is due at 10 a.m. EST, alongside the day’s other scheduled releases and Federal Reserve officials’ remarks.

Gold’s near-term technical resistance is $4,146, followed by $4,212; support is at $4,075 and then $3,989, according to the report. Silver resistance is at $53.070 and $54.450, with support at $51.240 and $50.030. A sustained gold move above $4,146 would put $4,212 in view, while a break below $4,075 would expose $3,989.