2nd November 2026 – (New York) Gold prices edged higher on Monday, retracing part of last week’s sharp decline as softer oil prices eased immediate inflation worries and bargain hunters stepped in after the metal hit a one‑year low. By early trade, spot bullion hovered near 3,895 dollars, up about 0.5 per cent, while New York futures traded around 3,905 dollars, up roughly 0.2 per cent, following Friday’s slump of more than three per cent that also dragged silver, platinum and palladium into oversold territory.
Attention now turns to a dense calendar that could sway precious metals, including manufacturing and services purchasing managers’ indices across major economies, eurozone inflation readings, and key US labour data on unemployment and non‑farm payrolls later in the week. Markets are also braced for the outcome of the US midterm elections from 3rd November, with political developments and any shift in policy tone seen as potential catalysts for volatility across commodities and risk assets.
Geopolitics remains a critical swing factor. Investors are weighing signals of a diplomatic push around the Iran crisis alongside warnings that any escalation involving the US, Israel and Iran could roil energy markets and stoke safe‑haven flows. The recent rout in global technology shares has added a further layer, with some traders liquidating bullion to meet margin obligations elsewhere, amplifying short‑term moves.
Strategists said longer‑horizon buyers view current levels as increasingly attractive, offering near‑term support, but cautioned that price action remains fragile after a key technical floor around 3,886 dollars gave way on Friday’s close. They added that gold would likely need to reclaim and hold above 4,000 dollars to re‑establish a more neutral short‑term outlook, given lingering liquidity concerns and momentum‑driven selling.
Silver mirrored the tentative stabilisation, having slipped below 50 dollars an ounce for the first time in nearly a year, while platinum also steadied after falling to its weakest since September 2025. With macro uncertainty elevated, analysts expect choppy trading to persist into midweek, with moves in the dollar, yields and crude setting the tone for whether bullion’s bounce can extend or fades back into the prevailing downtrend.
