Global markets remained cautious as U.S. midterm election uncertainty and Federal Reserve policy expectations influenced investor sentiment. Gold and silver rallied on dollar weakness and declining Treasury yields, while Brent crude gained amid Middle East supply concerns. U.S. equities closed mixed as technology stocks advanced, while geopolitical tensions and political uncertainty sustained market volatility.
Today's Snapshot
- Gold: $4,014.61/oz (+2.15%)
- Silver: $51.49/oz (+3.42%)
- Brent Crude: $103.87/bbl (+0.26%)
- S&P 500: 7,568.92 (+27.52 pts, +0.36%)
- Nasdaq Composite: 25,372.01 (+207.70 pts, +0.83%)
- Dow Jones: 51,786.72 (-197.26 pts, -0.38%)
Note: Data and market levels are based on available updates around 05:30 UTC, November 04, 2026, subject to live market fluctuations.
Global Markets
(A) Precious Metals
Gold: $4,014.61/oz (+2.15%)
Gold surged 2.15% to $4,014.61/oz as a weaker U.S. dollar, falling Treasury yields and political uncertainty following U.S. midterm elections boosted safe-haven demand. Analyst Chris Weston highlighted declining Treasury yields as a key factor supporting gold's recovery.
Silver: $51.49/oz (+3.42%)
Silver jumped 3.42% to $51.49/oz as dollar weakness, lower Treasury yields and renewed precious-metals buying supported prices. Gold's rally above $4,000/oz further strengthened sentiment, while Fed tightening expectations remained a concern.
(B) Energy
Brent Crude: $103.87/bbl (+0.26%)
Brent rose 0.26% to $103.87/bbl as Middle East supply risks, U.S.-Iran tensions and a reported 5.27-million-barrel decline in U.S. crude inventories supported prices. Analyst Priyanka Sachdeva highlighted geopolitical uncertainty, while ongoing diplomatic negotiations limited gains.
(C) FX
DXY: 101.40 (-0.30%)
The U.S. Dollar Index fell 0.30% to 101.40 as Democratic victories in the U.S. midterm elections, falling Treasury yields and concerns over AI regulation pressured the dollar. Expectations of slower government spending and economic growth further weakened sentiment.
USD/JPY: 157.63 (-0.70%)
USD/JPY declined 0.70% to 157.63 as falling U.S. Treasury yields, political uncertainty and safe-haven demand strengthened the Japanese yen. Broader technology-sector losses further pressured the dollar.
EUR/USD: 1.1249 (+0.50%)
EUR/USD rose 0.50% to 1.1249 as U.S. dollar weakness, declining Treasury yields and expectations of political gridlock supported the euro. Investors awaited Eurozone inflation data for further policy direction.
GBP/USD: 1.3469 (+0.41%)
GBP/USD gained 0.41% to 1.3469 as dollar weakness and expectations of a Bank of England interest-rate increase supported sterling. Investors remained focused on Thursday's monetary policy decision.
AUD/USD: 0.6966 (+0.03%)
AUD/USD edged up 0.03% to 0.6966 in early Asian trading as U.S. dollar weakness and Australia's higher interest rates offered support. However, Asian technology-sector losses and cautious global risk sentiment limited gains.
High-Impact Economic Events
| Country | Release | Forecast | Previous | Time |
|---|---|---|---|---|
| EUR | Core CPI Flash Estimate y/y | 2.5% | 2.5% | 10:00 AM (GMT+02:00) |
| EUR | CPI Flash Estimate y/y | 4.0% | 3.8% | 10:00 AM (GMT+02:00) |
| USD | ISM Services PMI | 54.8 | 54.9 | 03:00 PM (GMT-04:00) |
Note: These economic events are for informational purposes only. Please conduct your own research before making any market decisions.
Volatility
The VIX declined to 20.83 from 21.15 as technology-sector gains eased market anxiety, while U.S. election uncertainty, Fed policy expectations and geopolitical tensions sustained investor caution.
What Markets Are Watching
1. U.S. Midterm Election Results & Federal Reserve Policy
Markets are assessing Democratic control of Congress and its implications for fiscal spending, AI regulation and economic growth. Expectations of a December Federal Reserve rate increase, currently priced at 78%, and Friday's U.S. employment report remain central to Treasury yields, precious metals and the dollar.
2. Middle East Tensions & Global Oil Markets
Ongoing U.S.-Iran negotiations, recent military strikes and Strait of Hormuz supply disruption risks remain in focus. An unexpected 5.27-million-barrel decline in U.S. crude inventories has supported Brent, while diplomatic developments and uncertainty over Washington's next steps could influence prices.
3. European Inflation, U.S. Services Activity & Technology-Sector Weakness
Markets await Eurozone CPI forecasts of 4.0% headline and 2.5% core, alongside the U.S. ISM Services PMI forecast of 54.8. Meanwhile, concerns over tighter AI regulation and elevated technology valuations continue to pressure global equities, particularly Asian semiconductor stocks.
“The stock market is filled with individuals who know the price of everything, but the value of nothing.”
Yesterday's Market News - November 3, 2026
Gold Falls 0.66% to $3,920.70, Silver Drops 2.81% to $49.23 and Brent Rises 0.86% to $105.67
Read full recap →Disclaimer
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