Gold Rebounds Above US$3,950 as Falling Oil Eases Inflation Fears — Precious Metals Daily Update, November 2, 2026

Precious metals opened the first full week of November with a rebound on Monday, November 2, 2026, recovering part of Friday's steep losses as falling oil prices took some heat out of the inflation story that had driven the selloff. Gold held around US$3,959.35 / C$5,534.64 per ounce, up 2.16 percent in US dollars and up 2.21 percent in Canadian dollars from Friday's close. Silver held around US$50.84 / C$71.09 per ounce, up 3.48 percent in US dollars and up 3.57 percent in Canadian dollars, while platinum held around US$1,452.38 / C$2,030.31 per ounce, up 1.16 percent in both currencies. Early trading had put gold near US$3,908 per ounce and silver near US$50.16 per ounce, and the rally extended into the New York morning, with gold reaching a session high of US$3,961.68 per ounce and silver reaching US$51.27 per ounce before easing slightly. Friday's rout set the stage for the bounce: spot gold fell about 3.5 percent to a one-year low near US$3,870 per ounce, silver slid below US$50 per ounce for the first time since November 2025, and platinum fell to a 13-month low near US$1,425 per ounce, as a selloff in technology shares forced investors to sell liquid holdings to meet margin calls. Monday's turn came from oil: Brent crude fell more than 3 percent toward US$110 per barrel and West Texas Intermediate slipped below US$100 per barrel, as talks between Iran and Qatar aimed at ending the conflict continued and unwound part of the crude rally that had revived inflation fears last week. The US 10-year Treasury yield eased to around 4.93 percent and the Canadian dollar held near 1.397 per US dollar, while traders still priced roughly a three-in-four chance of a December Federal Reserve rate hike after the Fed held rates at 3.75 to 4.00 percent in a 10 to 2 vote last week. Gold closed October down about 6.8 percent, its worst October since 2008, and remains roughly 28 percent below its January record. For investors: Monday's move is a relief rally inside a still-damaged trend, not yet a reversal. Gold took back the US$3,900 level it lost on Friday, and a daily close back above US$4,000 would be the first real evidence that the correction is ending, with Friday's low near US$3,870 per ounce the support to watch if the bounce fades. Headline risk runs all week: US midterm elections on Tuesday, November 3, come with the JOLTS job openings report at 10:00 AM ET (about 7.10 million openings expected), a speech by Bank of Canada Governor Macklem, and an expected Reserve Bank of Australia hike overnight, while Apple reports after today's close at the start of a heavy earnings week. With December hike odds still near 75 percent, staggered buying around confirmed support remains more disciplined than chasing the first strong day after a one-year low. For jewelers: Replacement costs start the week higher than Friday's one-year lows but still well below autumn levels, so quotes should start from today's live marks rather than any price list printed before October's fall. Gold near C$5,534.64 per ounce is up from Friday's C$5,415.12 per ounce close, silver near C$71.09 per ounce has reclaimed the C$70 level it lost on Friday, and platinum near C$2,030.31 per ounce is holding just above C$2,000 per ounce. Silver back above US$50 per ounce changes the scrap and stock math again, in the opposite direction from Friday, so repricing from live spot matters more than usual after a weekend this volatile. With the midterm results on Tuesday 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: Monday, November 2, 10:00 AM ET — US ISM manufacturing PMI for October (forecast 54.7, prior 54.5, with the prices index previously at 77.9), with a Federal Reserve speech by Goolsbee later in the day and Apple earnings after the close: a firm survey with high prices paid would reinforce the inflation case behind December hike pricing and pressure bullion, while a softer reading would support today's rebound. US clocks went back one hour on Sunday, November 1, so all times this week are Eastern Standard Time. Wednesday, November 4, 8:15 AM ET — US ADP employment report, 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 54.9, 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