Gold Price Today, November 2, 2026: Gold Rebounds 1.6% to $3,948 as Silver Jumps 3%

Gold climbed $62.12, or 1.6%, to $3,947.66 an ounce today, recovering part of a bruising stretch. Even after the bounce, the metal is down 6.3% over the past month and 10.4% year to date, and it sits well below its 52-week high of $5,405. Silver did better, rising 3.05% to $50.80.

Why gold moved

The clearest catalyst came from outside the gold market. According to Kitco, progress on Iran diplomacy pushed oil prices lower, which eased worries that the Federal Reserve might need to tighten policy. Cheaper oil means less inflation pressure, and less pressure on the Fed is generally friendlier for a metal that pays no interest.

There is also a mechanical element. Business Upturn described the move as a recovery after a heavy selloff, and FOREX.com said gold had stabilized after its recent falls. CMC Markets noted that gold had broken a key support level and may be oversold. After a 6.3% monthly decline, some snapback buying is not surprising.

The macro data does not explain a 1.6% day on its own, and most of it is a few days old. The 10-year Treasury yield was 4.98% as of October 29, compared with 4.96% a week earlier. The 10-year real yield was 2.63%, essentially flat from 2.64%. Breakeven inflation held at 2.34%. Real yields at that level remain a steady headwind for gold, but they did not suddenly ease. The broad dollar index slipped slightly to 121.32 from 121.40, but that reading dates to October 23.

Positioning suggests funds did not abandon gold during the slide. As of October 27, CFTC data showed managed-money traders holding a net long position of 105,562 contracts, up 1,356 on the week. Long positions stood at 122,508 contracts, against 16,946 shorts. Speculators who stayed long through the decline may have helped cushion today's move. For a fuller breakdown of the drivers, see why gold is moving.

What it means for buyers and sellers

For anyone selling jewelry, today's bounce slightly improves melt values, though prices are still lower than they were a month ago. Pure gold is worth $126.79 per gram. By karat, the melt values are:

• 22K: $116.35
• 18K: $95.19
• 14K: $74.25
• 10K: $52.93

These are melt values, not offers. Dealers and pawn shops pay below melt to cover refining and margin, so collecting more than one quote is standard practice. To estimate a specific piece by weight, use the gold calculator.

Coin and bar buyers should keep two separate costs in view: the spot price and the dealer premium. The spot price has dropped over the past month, but premiums vary by product. Current pricing for popular coins is on the American Gold Eagle page.

Silver's 3.05% jump outpaced gold, but silver is still down 15.26% over the past month. The gold-silver ratio stands at 77.7. Platinum ($1,454) and palladium ($991) were unchanged in today's data.

What to watch

• Tuesday, November 3: JOLTS job openings (forecast 7.11M, previous 7.08M), plus the Congressional elections, which are rated high-impact.
• Wednesday, November 4: ISM Services PMI (forecast 54.9, previous 54.9).
• Thursday, November 5: Weekly unemployment claims (forecast 197K, previous 194K).
• Friday, November 6: The October jobs report. Payrolls are forecast at 63K (previous 29K), unemployment at 4.2% (unchanged), and average hourly earnings at 0.3% (previous 0.1%). University of Michigan consumer sentiment is expected at 47.8 (previous 46.3), and its inflation expectations reading was previously 4.7%.

Friday is the one to watch. A hot wage number could revive the Fed-tightening concerns that today's oil drop helped ease.

Prices at publication