Gold Starts November at a One-Year Low as Jobs Week Looms — Precious Metals Daily Update, November 1, 2026

Gold starts November at a one-year low, with markets closed on Sunday and Friday's closing levels carrying into the new month after a sharp month-end rout pushed the metal below US$3,900 per ounce. Gold held around US$3,875.65 / C$5,415.12 per ounce, down 3.75 percent in Canadian dollars from the prior close. Silver held around US$49.13 / C$68.63 per ounce, down 5.92 percent in Canadian dollars, while platinum held around US$1,433.40 / C$2,007.04 per ounce, down 3.56 percent in Canadian dollars. All three metals closed the week sharply lower after a technology-stock selloff triggered liquidation across markets, September PCE inflation held at 3.6 percent year over year with core at 3.1 percent, and third-quarter US GDP grew 3.4 percent, keeping December Federal Reserve rate hike odds near 75 percent after the Fed held rates at 3.75 percent to 4.00 percent in a hawkish vote. With no trading on Sunday, attention turns to whether buyers step in at these lower levels when markets reopen, or whether firm inflation and strong growth data keep pressure on metals. The US dollar and Treasury yields remain the key drivers, and a heavy week of labour-market data will set the tone for November. Investor take: A one-year low after a forced liquidation week can offer long-term buyers a more attractive entry point, but the trend stays fragile while markets price a possible December rate hike. Staging purchases rather than committing all at once, keeping position sizes disciplined, and watching Friday's jobs reports for a shift in rate expectations remain the prudent approach. Physical gold, silver, and platinum continue to serve as a hedge if inflation proves sticky. Jeweler take: Lower spot prices reduce replacement costs for gold, silver, and platinum stock heading into the holiday season. Jewelers may find this a practical window to rebuild inventory and review retail pricing, while customers holding scrap gold and jewellery should note that buy prices move with spot and have eased from recent highs. Checking live prices before buying or selling remains essential in a fast-moving market. Coming up — events that will move metals this week: Monday, November 2 — US ISM Manufacturing PMI (October), 10:00 AM ET, and Fed Governor Goolsbee speaks: A strong factory reading would reinforce the firm-growth story that pressured metals last week, while a soft print could ease hike expectations and support gold. Tuesday, November 3 — US midterm elections (all day) and US JOLTS job openings (September), 10:00 AM ET; Bank of Canada Governor Macklem speaks: Election results can move the US dollar and risk sentiment, and the openings data give an early read on labour demand ahead of Friday's payrolls. Wednesday, November 4 — US ADP employment change (October), 8:15 AM ET, and US ISM Services PMI (October), 10:00 AM ET: The ADP report previews the official jobs data, and services activity is the largest part of the US economy, so surprises in either can shift rate expectations quickly. Friday, November 6 — US nonfarm payrolls and the Canadian jobs report (October), both 8:30 AM ET: The week's biggest test for metals. A hot jobs print would strengthen the case for a December hike and pressure gold, silver, and platinum, while a weak print could spark a relief rally from one-year lows. Live prices: https://www.goldstocklive.com