November 2, 2026 - Gold Rises 0.95% to $3,912.43, Silver Gains 2.59% to $50.41 and Brent Falls 3.18% to $109.82

Global Markets

(A) Precious Metals

Gold: $3,912.43/oz (+0.95%)

Gold rose 0.95% to $3,912.43/oz as falling oil prices eased inflation concerns, supporting a recovery after Friday's selloff. Analyst Kyle Rodda highlighted lower oil prices as a key support, while Fed rate-hike expectations and liquidity concerns limited gains.

Silver: $50.41/oz (+2.59%)

Silver gained 2.59% to $50.41/oz as declining energy prices, easing inflation concerns and recovering precious-metals sentiment supported buying. However, restrictive Fed expectations and liquidity pressures remained key risks.

(B) Energy

Brent Crude: $109.82/bbl (-3.18%)

Brent fell 3.18% to $109.82/bbl as renewed Iran peace negotiations eased Middle East supply concerns. Analyst Tim Waterer highlighted profit-taking and reduced military escalation, while warning that renewed geopolitical tensions could push prices toward $120/bbl.

(C) FX

DXY: 101.83 (-0.15%)

The U.S. Dollar Index declined 0.15% to 101.83 as investors remained cautious ahead of U.S. midterm elections, employment data and upcoming central bank decisions. Strategist Eric Robertsen highlighted political uncertainty and potential fiscal policy challenges as key risks for currency markets.

USD/JPY: 157.73 (+0.10%)

USD/JPY rose approximately 0.10% to 157.73 as yen weakness and differing Federal Reserve and Bank of Japan policy expectations supported the pair. However, Japan's rising real interest rates and concerns over excessive currency volatility remained important influences.

EUR/USD: 1.1182

EUR/USD traded near 1.1182 as France's deteriorating credit outlook and European fiscal uncertainty pressured the euro. The revision of France's outlook from stable to negative weakened sentiment, while U.S. election uncertainty limited directional movement.

GBP/USD: 1.3394

GBP/USD remained near 1.3394 as investors awaited the Bank of England's upcoming interest rate decision. UK monetary policy expectations and uncertainty surrounding U.S. elections and employment data kept sterling rangebound.

AUD/USD: 0.7022 (-0.15%)

AUD/USD declined 0.15% to 0.7022 as cautious global risk sentiment and U.S. election uncertainty pressured the Australian dollar. However, expectations that the Reserve Bank of Australia would raise interest rates to 4.85% provided underlying support.

High-Impact Economic Events

Note: These economic events are for informational purposes only. Please conduct your own research before making any market decisions.

Volatility

The VIX rose to 19.42 from 17.20 as technology-sector losses, AI valuation concerns and weaker U.S. equities increased investor caution, while Fed policy uncertainty and upcoming U.S. elections sustained volatility.

What Markets Are Watching

1. U.S. Midterm Elections, Federal Reserve Policy & Manufacturing Data

Markets are closely monitoring the November 3 U.S. midterm elections, today's ISM Manufacturing PMI and expectations of a December Federal Reserve rate increase. Political uncertainty, persistent inflation and restrictive monetary policy could influence Treasury yields, gold, silver and the U.S. dollar.

2. Middle East Peace Negotiations & Global Oil Markets

Renewed diplomatic negotiations involving Iran and Qatari mediators have reduced immediate supply concerns, pushing Brent below $110/bbl. Investors are monitoring Strait of Hormuz disruptions, regional military developments and OPEC+ production policy, with renewed hostilities potentially reversing the recent decline in energy prices.

3. Global Central Bank Decisions & Technology-Sector Valuations

Investors are awaiting interest rate decisions from the Reserve Bank of Australia, Bank of England and other major central banks. Meanwhile, technology-sector losses, concerns about AI infrastructure spending and uncertainty surrounding corporate profitability continue to influence U.S. equity markets and global investor sentiment.