Gold price today: spot gold (XAUUSD) recovered to around $3,900 on Monday morning after falling 3.62% on Friday to close at $3,875.84, its lowest in about a year, capping its worst October since 2008. The selling came from a sell-off in tech and AI stocks that pushed investors to sell gold to cover losses. Today, watch the US ISM manufacturing PMI at 15:00 GMT, followed by the US midterm elections on Tuesday
Updated Mon 2 Nov 2026 · 02:39 GMT · Gold price as of 2 Nov 2026 · 01:01 GMT (spot, Investing.com)
vs the Friday 30 Oct close of $3,875.84 (−$145.47 · −3.62%, Trading Economics)
Key takeaways for gold today
- 1Gold recovered to around $3,900 (+0.6%) this morning after falling 3.62% on Friday 30 Oct to close at $3,875.84, its lowest in about a year and below the Oct 2025 low near $3,886
- 2Gold is down 7.23% over 4 weeks and 3.21% y/y (Trading Economics). Saxo Bank says technical selling still dominates and gold needs to get back above $4,000 for the short-term picture to improve
- 3Resistance at $3,971–3,982 and $4,000; support at $3,885–3,904, then $3,829–3,849 and $3,780–3,800
- 4Today, watch the US ISM manufacturing PMI at 15:00 GMT, the US midterm elections on Tuesday and Nonfarm Payrolls on Friday at 13:30 GMT
3 factors driving gold
- Tech stocksA tech and AI stock sell-off dragged gold down too
Gold fell 3.7% on Friday alongside a global sell-off in tech stocks. Investing.com and Bloomberg reported that investors sold gold to cover losses in other assets, while Saxo Bank said liquidity and technical selling outweighed gold’s long-term appeal
- OilSofter oil eases inflation worries as dip buyers return
Lower oil prices this morning eased inflation concerns, and dip buyers stepped in after gold’s steep monthly drop (Investing.com). US Secretary of State Marco Rubio said President Trump wants a diplomatic approach with Iran, while Global X ETFs said long-term investors seeing value are supporting prices in the short term
- FedFed hike expectations weigh on non-yielding gold
Saxo Bank said markets still expect 2 more Fed hikes, raising the cost of holding gold, but a deeper stock sell-off could cut those bets and turn supportive for gold. Hedge funds have trimmed net long gold positions for 9 straight weeks, and the US 10-year Treasury yield is near 4.94% (Trading Economics)
Key support and resistance levels
| $4,074 | R3 | Resistance zone $4,074–4,083 from Mitrade’s price-level table |
| $4,000 | R2 | Psychological level; Saxo Bank says gold must reclaim it for the short-term picture to turn more neutral |
| $3,971 | R1 | Resistance zone $3,971–3,982 (Mitrade), near the former support broken on Friday |
| $3,900 | NOW | Latest spot price (Investing.com, 01:01 GMT) |
| $3,885 | S1 | Zone $3,885–3,904, near the Oct 2025 low around $3,886 |
| $3,829 | S2 | Support zone $3,829–3,849 (Mitrade) |
| $3,780 | S3 | Support zone $3,780–3,800 (Mitrade) |
Levels as of 2 Nov 2026, based on analysis from Mitrade and Saxo Bank (via Bloomberg). Not a trading recommendation
Bull case / bear case
Holds above $3,971–3,982
Gold could retest $4,000, the level Saxo Bank says must be cleared before the short-term picture improves, with the $4,074–4,083 zone next. A weak ISM, an end to the stock sell-off or reduced Fed hike bets could help
Breaks below $3,885
Technical selling could take gold to $3,829–3,849 and then $3,780–3,800. Pressure could come from further tech selling, a stronger dollar, or US midterm uncertainty prompting investors to sell assets and hold cash
Levels as of 2 Nov 2026, based on analysis from Mitrade and Saxo Bank. Not a trading recommendation
Today’s events that could move gold
- US S&P Global manufacturing PMI (Oct final)Revision of the flash readingLOW
- US ISM manufacturing PMI (Oct)A strong headline or prices paid reading could lift the dollar and yields, pressuring gold; a weak reading could extend gold’s reboundHIGH
- Chicago Fed President Austan Goolsbee speaksMarkets will watch his stance on a December hikeMED
- US midterm electionsMarkets watch the results and the post-election stance on IranHIGH
Gold rebounds near $3,900 after a heavy drop: get cash back on every lot
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Sources (8)
- Investing.com – Gold rebounds toward $3,900 (2 Nov, 01:01 GMT)
- Trading Economics – Gold (30 Oct close)
- Trading Economics – US 10-Year Yield (2 Nov)
- Bangkok Biz News (Bloomberg) – Gold rebounds from a 1-year low (2 Nov)
- Mitrade – Gold Had Its Worst October Since 2008 (2 Nov)
- Mitrade – Gold Price Analysis: support and resistance levels (2 Nov)
- Investrade – Weekly Event Calendar 2–6 Nov
- Bloomingbit – ISM / Goolsbee 2 Nov
Risk warning: Trading gold, forex and CFDs carries a high level of risk and you may lose all of your capital. This article is a summary for educational purposes only and is not investment advice. Prices may have changed by the time you read it.
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