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Gold Price Outlook: Factors Keeping Gold Under Pressure on November 3, 2026
Sentiment: NeutralHigh Priority
What Happened?
Gold prices are expected to remain under pressure due to geopolitical tensions and fluctuating oil prices. Spot gold rose after a decline, trading at $3959 on November 2.
Key points
- Spot gold prices fell 3.02% to $3875 in the week ending October 30.
- Gold rose 2% to $3959 on November 2 as oil prices dropped nearly 7%.
- Brent oil futures were trading at $105.77, down approximately 7%.
- US ISM manufacturing index rose to 55.5 in October, the highest since July.
- Total known global gold ETF holdings decreased by 0.17 Moz for the week.
Key insights
- Gold's price movements are likely to remain sensitive to oil price changes due to their negative correlation.
- The outcome of the US midterm elections could influence geopolitical stability and, consequently, gold prices.
- A significant drop in oil prices may require clearer diplomatic resolutions regarding the Iran conflict.
Why it matters
The ongoing geopolitical tensions and oil price fluctuations could significantly impact gold prices, affecting investors and markets.
Source
Times of India
