Global markets remained cautious as Federal Reserve rate-hike expectations and U.S. midterm election uncertainty pressured gold and silver. Brent crude recovered amid renewed Middle East supply concerns, while technology-sector weakness weighed on investor sentiment. The U.S. dollar remained broadly stable as Australia's rate hike and geopolitical developments sustained market volatility.
Today's Snapshot
- Gold: $3,920.70/oz (-0.66%)
- Silver: $49.23/oz (-2.81%)
- Brent Crude: $105.67/bbl (+0.86%)
- S&P 500: 7,541.40 (-38.67 pts, -0.51%)
- Nasdaq Composite: 25,164.32 (-272.68 pts, -1.07%)
- Dow Jones: 51,983.98 (+213.67 pts, +0.41%)
Note: Data and market levels are based on available updates around 05:15 UTC, November 03, 2026, subject to live market fluctuations.
Global Markets
(A) Precious Metals
Gold: $3,920.70/oz (-0.66%)
Gold fell 0.66% to $3,920.70/oz as Fed rate-hike expectations, U.S. midterm election uncertainty and liquidity pressures weighed on prices. Analyst Tim Waterer highlighted forced selling and margin calls amid technology-sector weakness as key factors limiting gold's recovery.
Silver: $49.23/oz (-2.81%)
Silver declined 2.81% to $49.23/oz as restrictive Fed expectations, precious-metals selling and broader market volatility pressured prices. Weak investor sentiment and liquidity concerns accelerated losses following Monday's rebound.
(B) Energy
Brent Crude: $105.67/bbl (+0.86%)
Brent gained 0.86% to $105.67/bbl as reported U.S. strikes on Iran's Qeshm Island revived Middle East supply concerns following Monday's sharp selloff. Analyst Tim Waterer highlighted renewed geopolitical risks, while ongoing peace negotiations limited gains.
(C) FX
DXY: 101.81 (Broadly Stable)
The U.S. Dollar Index traded near 101.81 as lower oil prices, declining Treasury yields and U.S. midterm election uncertainty limited gains. FX strategist Sim Moh Siong highlighted that AI-related equity weakness and election risks continued to support defensive dollar demand.
USD/JPY: 157.92 (Broadly Stable)
USD/JPY remained near 157.92 as Federal Reserve and Bank of Japan policy differences supported the dollar. Japan's market holiday, falling U.S. Treasury yields and geopolitical uncertainty kept movements limited.
EUR/USD: 1.1185 (Slightly Higher)
EUR/USD edged higher to 1.1185 as a weaker U.S. dollar and declining Treasury yields supported the euro. However, U.S. election uncertainty and cautious global risk sentiment limited gains.
GBP/USD: 1.3414 (+0.05%)
GBP/USD rose 0.05% to 1.3414 as UK manufacturing output recorded its strongest growth in over two years. Expectations that the Bank of England could raise interest rates from 3.75% to 4.00% further supported sterling.
AUD/USD: 0.6975 (-0.25%)
AUD/USD declined 0.25% to 0.6975 despite the Reserve Bank of Australia increasing interest rates by 25 basis points to 4.85%. The widely anticipated decision, profit-taking and weak global risk sentiment pressured the currency, while persistent inflation maintained expectations of further tightening.
High-Impact Economic Events
| Country | Release | Forecast | Previous | Time |
|---|---|---|---|---|
| AUD | Cash Rate | 4.85% | 4.60% | 03:30 AM (GMT +10:00) |
| AUD | RBA Monetary Policy Statement | - | - | 03:30 AM (GMT +10:00) |
| AUD | RBA Rate Statement | - | - | 03:30 AM (GMT +10:00) |
| AUD | RBA Press Conference | - | - | 04:30 AM (GMT +10:00) |
| USA | Congressional Elections | - | - | All Day |
| NZD | Employment Change q/q | 0.4% | 0.5% | 09:45 PM (GMT +12:00) |
| NZD | Unemployment Rate | 5.5% | 5.6% | 09:45 PM (GMT +12:00) |
Note: These economic events are for informational purposes only. Please conduct your own research before making any market decisions.
Volatility
The VIX rose to 21.15 from 19.42 as technology-sector losses, Fed policy uncertainty and U.S. midterm elections heightened investor caution and market volatility.
What Markets Are Watching
1. U.S. Midterm Elections & Federal Reserve Policy
Markets are closely monitoring today's U.S. midterm elections and expectations of a December Federal Reserve rate increase. Political uncertainty, potential fiscal policy changes and persistent inflation risks could influence Treasury yields, precious metals and the U.S. dollar.
2. Middle East Tensions & Global Oil Markets
Renewed U.S. strikes on Iran's Qeshm Island have complicated diplomatic efforts following Monday's sharp oil selloff. Peace negotiations, Strait of Hormuz supply risks and renewed military escalation remain central to Brent's direction and global inflation expectations.
3. Central Bank Decisions & Technology-Sector Weakness
Australia's rate increase to 4.85% and upcoming Bank of England policy decisions remain in focus. Meanwhile, AI infrastructure spending concerns, technology-sector losses and weakening investor confidence continue to pressure global equities, particularly Asian technology markets.
“The stock market is filled with individuals who know the price of everything, but the value of nothing.”
Yesterday's Market News - 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
Read full recap →Disclaimer
This report is for informational purposes only and does not constitute investment advice, financial guidance, or a solicitation to buy or sell any financial instruments. Market data and figures are subject to change without notice. Data has been taken from sources we believe to be reliable; however, please conduct your own research before making any investment decisions. Trading leveraged or complex products carries significant risk; please ensure you understand the risks before trading.
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