Gold had fallen more than 15% from its late-August peak and briefly slipped below $3,900 an ounce, beneath the June low near $3,950, Heraeus said. The election result prompted its largest daily gain since August, taking the price back above $4,000.

Brent crude fell nearly 9% in one session on expectations that the new Democratic-controlled Congress would hasten an end to the Iran war. But the conflict is ongoing, Brent had recovered above $95 a barrel, and the new Congress was not due to convene until January, the analysts said. They also pointed to a stronger-than-expected non-farm payrolls report: 165,000 jobs were added, against expectations of 65,000. Markets were pricing in about a 79% chance of a December Fed rate hike.

Central banks and other official institutions bought an estimated 321 tonnes of gold in the third quarter, 42% more than a year earlier and above the five-year quarterly average of 227 tonnes, according to the World Gold Council figures cited by Heraeus. That brought purchases for the first nine months of 2026 to 675 tonnes, 6% ahead of the same period in 2025. Country-level reports identified only 120 tonnes of third-quarter buying. China added 63 tonnes and Poland 40 tonnes; Kazakhstan and Uzbekistan each added 14 tonnes. Heraeus said buying at historically high prices pointed to strategic reserve diversification as the main driver.

Silver also rebounded after falling below $50 an ounce to a 2026 low just under $49, but Heraeus said it had recovered only a small part of its preceding decline and remained below the June-July range. Hecla Mining produced 4.17 million ounces in Q3’26, 9% less than a year earlier. Output at Keno Hill rose 54% quarter-on-quarter to 963,000 ounces, offsetting lower yields at Greens Creek and Lucky Friday in part. Spot gold later traded at $4,124.86 an ounce, up 1.30% on the day, while spot silver was $52.682, up 1.48%.