Last Updated:
Gold prices rise over 2% after hitting a one-year low, supported by falling crude oil prices and easing inflation concerns. Silver gains 3.1%, while platinum also advances.
Gold Price Today, November 3.
Gold Prices Today, November 3: Gold prices surged more than 2% on Tuesday, recovering from a one-year low recorded in the previous session, as a sharp decline in crude oil prices eased inflation concerns and offered some relief to precious metals. Investors also remained cautious ahead of the US midterm elections scheduled for November 3.
Spot gold has gained 2.1% to $3,954.41 per ounce, recovering after plunging 3.6% on Friday to its lowest level since October 2025. US gold futures for December delivery settled 1.8% higher at $3,969.60 per ounce.
A sharp correction in oil prices provided support to bullion on Monday. Crude oil prices fell around 8% after Iran and Qatar held a third consecutive day of discussions aimed at ending the ongoing US-Israeli war on Iran. The decline in oil prices eased concerns over rising energy costs and their potential impact on inflation.
“Weaker oil prices have provided some relief… in terms of reducing inflation concerns. But the market is still expecting a December rate hike from the Fed, although those odds have lessened a little bit over the last couple of trading sessions,” said Peter Grant, vice president and senior metals strategist at Zaner Metals, according to Reuters. He added that the dollar was providing a little bit of a tailwind, too.
Meanwhile, expectations around the US Federal Reserve’s monetary policy also influenced investor sentiment. According to the CME Group’s FedWatch Tool, traders were pricing in a 77% probability of a US interest rate hike in December, compared with 80% a week earlier.
Gold had come under significant selling pressure in the previous session as a broader selloff in technology and artificial intelligence-linked stocks triggered margin calls across financial markets. This forced some investors to liquidate even traditional safe-haven assets such as gold to meet their liquidity requirements, analysts said.
Technical indicators also suggested that gold’s recent decline had pushed it into oversold territory. The precious metal’s 14-day Relative Strength Index (RSI), a momentum indicator used to assess whether an asset is overbought or oversold, recovered to around 37 on Monday from below 30 on Friday. A reading below 30 is generally considered to indicate oversold conditions.
Investors are now keeping a close watch on the November 3 US midterm elections for indications of their potential implications for fiscal policy, geopolitical developments and broader financial market sentiment.
Silver, Platinum Prices Also Recover
Silver prices also staged a strong recovery, rising 3.1% to $50.64 per ounce on Monday. The metal had fallen below the $50 mark in the previous session for the first time since late November 2025.
Among other precious metals, spot platinum advanced 1.3% to $1,449.25 per ounce, while palladium bucked the broader recovery, declining 1.1% to $966.08 per ounce.
“The fiscal backdrop in the US is unlikely to change significantly enough to make a difference for gold. Deficits should persist no matter the outcome of the midterms, suggesting that the US debt and interest burden should remain a longer-term supportive factor for gold,” said Julius Baer analyst Carsten Menke, according to Reuters.
Quick Answers
Ask News18Gold prices surged more than 2% as a sharp decline in crude oil prices eased inflation concerns and provided relief to precious metals. Additionally, investors maintained a cautious stance ahead of the US midterm elections.
Ask News18About the Author
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, w…Read More
November 03, 2026, 08:02 IST
Read More