Gold pulls back as selling resumes on Nov 3 2026
ITF Team2 min read
Gold fell to $3,931.5 on Nov 3, 2026 as Treasury yields rose and traders eyed US midterm elections, while silver slipped below $50 and platinum retreated to $1,414.7.
Key takeaways
- Gold closed at $3,931.52 on Nov 3, 2026, down 0.42%.
- Silver fell to $49.72, a 1.80% drop, breaking the $50 psychological level.
- Platinum slipped to $1,414.68, down 1.29% from the previous session.
- 2‑year Treasury yield rose above 4.61% and 10‑year yield settled above 4.95% on Nov 3, 2026.
Gold (XAU/USD) slipped to $3,931.5 on Nov 3, 2026, extending a sell‑off that began earlier in the week. The decline came as Treasury yields climbed and market participants positioned ahead of the United States midterm elections. The move kept the metal below its recent pivot at $3,936.6 and tested the $3,902.8 support zone.
Technical backdrop and price action
FXEmpire’s technical grid showed a strong sell bias for gold, with 16 sell signals versus three neutral and three buy. The price broke through the $3,936.6 pivot and retreated toward the first support at $3,902.8. If the $3,890‑$3,910 band fails, the next defensive zone lies around $3,780‑$3,800. On the upside, a clean break above $4,000‑$4,020 would reopen a path toward $4,100.
The Relative Strength Index sits in moderate territory, indicating room for further momentum if a catalyst emerges. However, the prevailing hawkish outlook for the Federal Reserve—76.9% probability of a December rate hike—adds downward pressure.
Drivers behind the pullback
Rising US Treasury yields were the primary catalyst. The 2‑year note topped 4.61% while the 10‑year yield held above 4.95%, squeezing the real yield advantage of non‑interest‑bearing gold. At the same time, oil prices fell on news of renewed US‑Iran negotiations, removing a secondary support for the metal.
The broader political environment also mattered. Traders are holding back on major USD moves until the midterm elections, leaving the greenback flat against a basket of currencies. Nonetheless, expectations of further Fed tightening in December and March 2027 keep the dollar’s upside potential alive, which is a negative for gold.
Read also: What i am watching today – nasdaq 100, platinum, eur/chf, and aud/jpy
Silver and platinum follow the trend
Silver (XAG/USD) dropped 1.80% to $49.72, slipping below the $50 psychological barrier. The gold‑silver ratio climbed above 79, a level that historically precedes further silver weakness. If the ratio stays above 79, the next target is the 80 level, which would reinforce bearish pressure.
Support for silver now sits around $47‑$48, while a rally above $51‑$52 could open the way to $56‑$57. Platinum (XPT/USD) also retreated, closing at $1,414.68, down 1.29%. A failed attempt to break the $1,440‑$1,460 resistance left the metal vulnerable to the $1,400 floor and the deeper $1,350‑$1,370 support zone.
What traders should monitor
Key levels to watch for gold are the $3,902.8 support, the $4,000‑$4,020 resistance, and the broader $4,100 target. For silver, the $50 barrier and the $47‑$48 support are critical, while the $51‑$52 resistance could trigger a short‑term rally.
Upcoming data points include US midterm election results later in November and the Fed’s December policy meeting. Any surprise in Treasury yields or a shift in Fed expectations could quickly reverse the current downtrend.
- Gold support: $3,902.8 – $3,910; next support $3,780 – $3,800
- Gold resistance: $4,000 – $4,020; next target $4,100
- Silver support: $47 – $48; resistance: $51 – $52
- Platinum support: $1,350 – $1,370; resistance: $1,460 – $1,480
Frequently asked questions
Why did gold fall below $4,000 on Nov 3, 2026?
Gold slipped to $3,931.5 as US Treasury yields rose above 4.61% for the 2‑year and 4.95% for the 10‑year, tightening real yields. The hawkish Fed outlook—76.9% chance of a December hike—also weighed on the metal.
What is the significance of silver breaking $50?
Silver’s drop to $49.72 broke the $50 psychological level, and the gold‑silver ratio moved above 79. Historically, a ratio above 79 precedes further silver declines, pushing the metal toward its $47‑$48 support zone.
Official data sources
Related news
- What i am watching today – nasdaq 100, platinum, eur/chf, and aud/jpy
- Gold slides below $3,900 as Fed hike bets weigh on USD
- Evening market overview, 3 November 2026
- Gold price slips ahead of US midterm elections
More from ITF
This article is compiled from international market news for information only. It is not investment advice.