Gold And Silver Rates Today: Bullion Recovers From Last Week’s Losses As Investors Track US Elections, Inflation And Interest Rates

Gold and silver prices moved higher in early Asian trading on Monday, 02 November 2026. On the Commodity Exchange, Inc. (COMEX), gold futures rose $20.80, or 0.53%, to $3,919.70 per ounce.

Silver futures rose $0.629, or 1.28%, to $49.905 an ounce. The rebound came after a volatile week for precious metals. Yet, the overall outlook remains unclear.

The recovery comes even as selling pressure continues and interest rate expectations keep shifting. Uncertainty over the global economy and geopolitical tensions is adding to the pressure.

Gold And Silver Prices: Weekly Losses

The previous week's decline was significant across domestic and international markets. On the Multi Commodity Exchange (MCX), December gold futures lost ₹3,539, or 2.5%, to settle at ₹1.38 lakh per 10 grams. Silver futures fell ₹16,587, or 8.5%, to ₹1.79 lakh per kg.

Overseas, December gold futures on COMEX declined nearly 3% to $3,898.90 per ounce. Silver dropped around 9% to $49.27 per ounce.

What Triggered The Gold Price And Silver Price Correction?

A sharp sell-off in global and US information technology stocks contributed to liquidation in bullion markets. The market turmoil may have forced some investors to sell gold and silver to meet margin calls and arrange cash.

Interest-rate expectations have also influenced prices. Gold does not generate interest income, which makes it less attractive when interest rates are climbing. Futures markets continue to reflect expectations of further US Federal Reserve tightening, although the extent of expected increases has moderated compared with a month earlier.

Brent crude trading above $110 per barrel has added to uncertainty. Higher oil prices can increase inflation concerns and influence interest-rate expectations. Geopolitical tensions involving the US, Israel and Iran could also affect both oil and precious metals.

Events That Shape The Gold And Silver Price Outlook

Investors will be watching several developments this week. These include:

• The US midterm election outcome on 03 November 2026.

• The US non-farm payrolls report is scheduled for 06 November 2026.

• And manufacturing and services Purchasing Managers' Index (PMI) readings.

Eurozone inflation data and developments in the Middle East could also influence market sentiment.

A commodity market analyst said election-related uncertainty and tensions between Washington and Tehran could support intermittent demand for precious metals. However, the broader direction will depend on macroeconomic conditions. Another market assessment warned that any escalation in geopolitical tensions could push crude oil higher and trigger further selling in risk assets and commodities.

Analysts expect volatility to remain elevated. The recent recovery alone does not confirm that the downward trend has reversed.

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