Gold Holds Monday Rebound Near US$3,947 as Midterms and Iran Strikes Keep Markets Cautious — Precious Metals Daily Update, November 3, 2026

Precious metals steadied on Tuesday, November 3, 2026, holding most of Monday's rebound from a one-year low as United States midterm elections got under way and renewed fighting in the Middle East kept oil and inflation risks in focus. Gold held around US$3,947.31 / C$5,521.78 per ounce, up 0.01 percent in US dollars and up 0.04 percent in Canadian dollars from the previous close. Silver held around US$50.06 / C$70.03 per ounce, down 1.18 percent in US dollars and down 1.13 percent in Canadian dollars, while platinum held around US$1,443.14 / C$2,018.77 per ounce, down 0.42 percent in US dollars and down 0.34 percent in Canadian dollars. The morning marks were calmer than the overnight session, when gold swung from a low near US$3,895.54 per ounce to a high near US$3,971.21 per ounce, silver traded between US$48.62 and US$50.88 per ounce, and platinum traded between US$1,418.02 and US$1,459.50 per ounce. Overnight, gold first fell after United States officials said US forces struck Iran's Qeshm Island, then recovered as oil eased again on reports of progress toward a deal to end the eight-month conflict. Early European trading had spot gold down 0.5 percent at US$3,926.52 per ounce, silver down 1.8 percent at US$49.71 per ounce and platinum down 0.2 percent at US$1,446.80 per ounce, before prices recovered into the New York morning. Monday's rebound had lifted gold more than 2 percent, with spot closing up US$71.10 at US$3,946.74 per ounce, after Brent crude fell more than 7 percent on diplomacy between the United States and Iran. Brent recovered about 0.5 percent to US$105.25 per barrel in Asian trade on Tuesday and later traded beyond US$106 per barrel as the Qeshm strikes cast doubt on the talks. The US dollar index traded near 101.72, close to a one-month low, and the Canadian dollar regained ground, with USD/CAD retreating below 1.3960 from session highs just below 1.4000. Monday's ISM manufacturing index rose to 55.5 in October from 54.5 in September, beating forecasts near 54.7, and the Reserve Bank of Australia raised rates by 25 basis points to 4.85 percent as expected, its highest level since December 2008. Traders still price roughly a 74 percent chance of a December Federal Reserve rate hike after the Fed held rates at 3.75 to 4.00 percent last week. For investors: Tuesday's flat gold mark is a hold, not a reversal. Gold has taken back the US$3,900 level it lost on Friday and is holding Monday's gains, but a daily close back above US$4,000 would be the first clear evidence that the correction is ending, with the overnight low near US$3,896 per ounce and Friday's one-year low near US$3,870 per ounce as the support levels to watch if the hold fails. Headline risk runs all day and overnight: midterm results will arrive during Wednesday's Asian session and could shift expectations for US fiscal policy, inflation and the deficit, while today's JOLTS job openings report at 10:00 AM ET is the first labour test of the week. With December hike odds still near 74 percent and services, claims and payrolls still to come, staggered buying around confirmed support remains more disciplined than chasing strength into the election results. For jewelers: Replacement costs start Tuesday close to Monday's rebound levels rather than Friday's one-year lows, so quotes should start from today's live marks rather than any price list printed before October's fall. Gold near C$5,521.78 per ounce is little changed from Monday's close, silver near C$70.03 per ounce is holding just above the C$70 level after dipping below US$50 per ounce overnight, and platinum near C$2,018.77 per ounce is holding just above C$2,000 per ounce. Silver's overnight round trip below and back above US$50 per ounce changes the scrap and stock math in both directions within a single session, so repricing from live spot matters more than usual this week. With the midterm results overnight and both countries' jobs reports on Friday able to move metals several percent in a session, locking metal against confirmed holiday orders and keeping trade and scrap buying aligned to live spot helps protect margins for Gold Stock Corp customers. Coming up — events that will move metals this week: Tuesday, November 3 — US midterm elections all day, with the JOLTS job openings report at 10:00 AM ET (about 7.10 million openings expected, prior 7.079 million) and the Reserve Bank of Australia's hike to 4.85 percent already delivered overnight: election results arriving overnight into Wednesday can shift fiscal, inflation and dollar expectations straight into metals, and a firm JOLTS print would reinforce the case behind December hike pricing. Wednesday, November 4, 8:15 AM ET — US ADP employment report (forecast near 65,000, prior 90,000), followed by the Treasury quarterly refunding announcement at 8:30 AM ET and the ISM services PMI at 10:00 AM ET (forecast near 54.7 to 54.8, prior 54.9), with the eurozone flash inflation reading earlier in the day: services are the larger part of the US economy, so a strong services print with firm hiring, or a refunding surprise that lifts long-term yields, would support the dollar and weigh on metals into Friday's payrolls. Thursday, November 5, 7:00 AM ET — Bank of England rate decision and Monetary Policy Report (forecast a hike to 4.00 percent, prior 3.75 percent), with US weekly jobless claims at 8:30 AM ET (prior 194,000) and Canada's federal budget later in the day: a UK hike would underline that the global tightening cycle is not over, and any surprise on rates, claims or the Canadian budget can move the US dollar, the Canadian dollar and yields straight into metals. Friday, November 6, 8:30 AM ET — US October jobs report (nonfarm payrolls forecast near 55,000, prior 29,000 in September; unemployment rate forecast steady at 4.2 percent; monthly wage growth forecast 0.3 percent, prior 0.1 percent), with Canada's October employment report released the same morning: this is the biggest data test before the Fed's December meeting, so strong payrolls or wages on either side of the border would lift hike odds and pressure gold, silver and platinum, while a soft report would challenge that pricing. Live prices: https://www.goldstocklive.com