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On Thursday, November 5, 2026, gold extended its post-election rally to a two-week high as the dollar and Treasury yields slid for a second straight session. Gold spot price is trading at $4,121.74 per ounce, up $60.22 (+1.48%) on the day. Silver spot price is trading at $52.78 per ounce, up $0.51 (+0.98%) on the day. Silver is lagging, so the gold-silver ratio has widened to 78.1 from the 77.2 we flagged in yesterday’s daily precious metals market report. Two policy events have already landed this morning. The Bank of England raised Bank Rate a quarter point to 4%, its first hike in more than three years, on an 8–1 vote. The lone dissenter wanted a half-point move. In Washington, initial jobless claims fell to 189,000, below the roughly 196,000 economists expected. Neither headline dented bullion. On the official side, the World Gold Council reported Tuesday that central banks bought 321 tonnes in the third quarter, up 42% from a year earlier. For anyone watching the gold spot price today and the silver spot price today, the key line is $4,000, which the metal reclaimed on Wednesday. Friday’s October payrolls report, due at 8:30 a.m. ET, is the next test for the physical precious metals market.
Strip away the headlines, and the session’s most useful signal is the gold-silver ratio. In a typical relief rally, silver outruns gold because its smaller market and industrial base amplify every move. That happened on Wednesday, when silver’s jump pulled the ratio down to 77.2. Today the pattern reversed. Gold is up 1.48% while silver has gained less than 1%, and the ratio has climbed back above 78. That tells us the second day of buying is coming from the monetary side of the market, not the speculative side. Investors are buying gold as a hedge against a weaker dollar and lower yields, not chasing silver for a quick trade. The scale of the move matters too. Gold has gained roughly $225, or about 5.8%, since our October 30 report put it at $3,897. Much of that ground was lost in a late-October washout that the World Gold Council attributed mainly to leveraged investors, not ETF holders. When fast money sells and patient money keeps buying, the floor tends to hold. The Bank of England’s hike adds another layer. A major central bank tightened today, and gold still rose against the dollar. A rate hike abroad does not carry the threat of a Fed hike for dollar-based buyers, because it tends to lift other currencies against the dollar. Here is the practical takeaway. Gold buyers who waited for a pullback got one in late October and watched it close within days. Silver buyers have a different opening. At 78 ounces of silver per ounce of gold, silver is cheap against the long-run ratio, which the Silver Institute has noted tends to revert near 60 to 1. A measured, dollar-cost-averaged plan across both metals, priced against the live gold price and current silver coin prices, beats trying to time Friday’s jobs number. This daily precious metals market report will track whether the ratio narrows as the rally matures.
