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Summary
Spot gold rose 1.8% to $4,132.36 an ounce early Thursday as the dollar and Treasury yields fell after the Democratic midterm sweep, according to Investing.com.
A White House panel moved Fed Governor Lisa Cook's hearing to Dec. 14, and a White House official said Cook requested the delay, CNBC reported.
Treasury said it expects to keep coupon and FRN auction sizes steady for the next several quarters and will make the 7-year note a quarterly new issue from March 2027.
The next FOMC meeting is Dec. 8-9, after the Fed held rates at 3-3/4 to 4 percent in October with Cook and Beth Hammack voting for a hike.
Gotrade News - Spot gold rose 1.8% to $4,132.36 an ounce early Thursday as the dollar and Treasury yields fell after Democrats swept the midterms, Investing.com reported. A White House panel also moved Fed Governor Lisa Cook's hearing to Dec. 14, and Treasury opened the door to future auction-size changes.
Investing.com linked the gains to the Democratic sweep of the midterm elections and reported the dollar index down 0.3% at 101.31 on Thursday, after a 0.4% drop in the previous session, with Treasury yields lower across maturities.
Midterm Sweep Lowers Yields, Lifts Gold Past $4,100
According to Investing.com, ANZ said US bonds gained on expectations that the new balance of power would limit President Donald Trump's proposed tax cuts and spending. ANZ also cautioned that "restrictions on fiscal expansion could weaken one of the factors underpinning bullion's longer-term appeal," because government borrowing has supported gold over the past year. Traders are now watching Friday's US nonfarm payrolls report for signals on the economy and interest rates.
Treasury Drops "At Least" From Auction-Size Guidance
According to the U.S. Treasury's quarterly refunding statement, issued Nov. 4 by Assistant Secretary for Financial Markets Hunter McMaster, Treasury "anticipates maintaining nominal coupon and FRN auction sizes for the next several quarters." As reported by Reuters, the new wording drops the term "at least," and many analysts read "several" as about two quarters, which points to possible changes in the first half of 2027.
Reuters reported that any cuts would most likely land on the 20- and 30-year auctions, while the 2- to 7-year sector, and possibly the 10-year note, could see increases. Treasury also said it will convert the 7-year note from a monthly new issue to a quarterly new issue with two reopenings, starting with the March 2027 new issue.
Per the same Treasury statement, next week's three auctions total $125 billion, refunding about $97 billion of privately held notes and bonds maturing Nov. 15 and raising about $28 billion in new cash.
Regular-session close on November 4, 2026, New York time. Prices and changes: Yahoo Finance, cross-checked against the closing price on Nasdaq.com.
What Does the Cook Hearing Delay Mean for the Fed?
Cook keeps her seat on the Fed board for now: the White House "committee of inquiry" moved her hearing from Thursday to Dec. 14, according to CNBC, and the Supreme Court's June ruling left in place a lower court order blocking her termination while her lawsuit proceeds. A White House official said Cook requested the postponement.
Per CNBC, Trump set up the committee in early October to investigate allegations that Cook made false statements related to "one or more mortgage instruments" and to report whether there is "cause" for her removal. Cook denies any wrongdoing, and her lawyer, Abbe Lowell, has said she "will be executing her official duties as Governor at financial and monetary policy meetings in Europe."
According to the Federal Reserve's FOMC statement of Oct. 28, the committee held the federal funds target range at 3-3/4 to 4 percent by a 10-2 vote, with Cook and Beth Hammack dissenting in favor of a quarter-point hike.
When Is the Next FOMC Meeting?
The next FOMC meeting is Dec. 8-9, according to the Federal Reserve's meeting calendar, ahead of Cook's rescheduled Dec. 14 hearing. Kitco reported that markets put the chance of a rate hike at that meeting near 80%.
This article is for education and information only and is not investment advice. Investment decisions are yours to make after your own research.
Gotrade is the trading name of Gotrade Securities Inc., which is registered with and supervised by the Labuan Financial Services Authority (LFSA). This content is for educational purposes only and does not constitute financial advice. Always do your own research (DYOR) before investing.
M. Alfathan Rahman is a content writer with over 3 years of experience developing digital content strategies across various industries, including fintech. He has experience producing content for tax-related websites and financial education platforms. His focus areas include data research, and crafting financial articles that are informative, accurate, and accessible to investors of all experience levels.
Hendrie Saputra holds a Master of Business Administration (MBA) with a concentration in Business Risk & Finance, along with professional experience in finance, marketing, and project management. He is experienced in analyzing market data and developing research-driven business strategies.
