Gold Price Falls 0.57% on Nov 3, 2026 as Dollar and Yields Rise

Key takeaways

• The gold price fell 0.57% on Tuesday. Kitco data show spot gold (XAU/USD) at $3,923.30 an ounce at 16:28 New York time (21:28 UTC) on November 3, 2026, down $22.40 from Monday's close, after a session low of $3,894.80.
• A firmer dollar and higher Treasury yields weighed on the metal, according to a Reuters report carried by Kitco. The US Dollar Index rose 0.12% to 101.868 by 21:20 UTC, Yahoo Finance data show.
• December COMEX gold futures settled at $3,940.40, as reported at 19:06 UTC, down 0.74% from Monday's $3,969.60 close, based on the Reuters report and Yahoo Finance data.
• The 10-year Treasury yield rose to 4.95% from 4.91% and the 10-year real yield to 2.65% from 2.62%, official US Treasury data show.
• The World Gold Council said central banks bought 321.2 tonnes of gold in the third quarter, up 42% from a year earlier, in a report published on November 3.

Session recap

Gold gave back part of Monday's 1.84% rebound (see our November 2 gold brief) as Americans voted in the US midterm elections. For other regions, see Asian and global market closes. Selling was heaviest during the European morning: spot gold was down 1.1% at $3,903.48 at 12:02 GMT, according to an earlier Reuters report carried by Kitco. By 14:06 New York time (19:06 GMT) it had trimmed the loss to 0.5% at $3,927.18, after touching $3,893.31, a later Reuters report on Kitco said. Kitco's spot quotes ranged from $3,894.80 to $3,971.70 over the session.

Spot gold and platinum are Kitco New York bids at 16:28 local time (EST), compared with Monday's closes. The futures settlement price is from the Reuters report carried by Kitco and timed to that report (19:06 GMT). Futures and dollar index changes are measured from the November 2 closing values recorded by Yahoo Finance ($3,969.60 for gold, $50.720 for silver, 101.75 for the dollar index). Treasury yields are published to two decimals, based on quotes near 15:30 New York time; changes compare with November 2. LBMA Gold Price benchmarks were not publicly available at the time of writing.

Silver fell harder than gold. Kitco's spot silver bid was $49.63 at 21:28 UTC, down 1.78%, back below the $50 level it had regained on Monday. Spot silver had been down as much as 3.3% at $48.96 at 12:02 GMT, the earlier Reuters report said.

What drove it

A firmer dollar and higher yields

The main pressure came from the dollar and bond markets. "The dollar has been strengthening, and yields are going higher," Phillip Streible, chief market strategist at Blue Line Futures, said in the later Reuters report. The dollar index rose 0.12% on the day, and the 10-year Treasury yield climbed 4 basis points to 4.95%, according to Treasury data. A stronger dollar makes gold more expensive for buyers paying in other currencies, while higher yields raise the cost of holding a metal that pays no interest.

Real yields moved against gold

The 10-year real yield, the return on inflation-protected Treasuries, rose to 2.65%, its second daily increase after 2.60% on October 30 and 2.62% on November 2. Real yields are often watched as the clearest measure of the opportunity cost of holding gold. Our explainer on the Fed's October rate debate covers why traders are discussing a hike rather than a cut.

Fed hike expectations

Both Reuters reports said CME FedWatch data showed traders seeing a December rate increase by the Federal Reserve as more likely than not, which reduced the appeal of non-yielding assets.

Oil swung both ways

Oil added to the confusion. Early in the day crude rebounded after an Iranian official said Tehran and Washington remained far from a deal to end the war, and the US struck Iran's Qeshm Island, according to the earlier Reuters gold report. "Higher oil prices tend to put inflationary pressures up," WisdomTree commodity strategist Nitesh Shah said in that report. By the afternoon, oil had fallen to a three-week low on Iran and Ukraine peace talks, which briefly eased inflation worries, the later Reuters report said. Our explainer on how oil price shocks hit inflation and rates sets out that link.

World Gold Council: central banks up, retail demand down

The World Gold Council's Q3 2026 Gold Demand Trends report, published on November 3, put total third-quarter demand at 1,368.6 tonnes, down 1% from a year earlier. Central bank purchases were 321.2 tonnes, up 42%, and gold ETFs took in 211.2 tonnes after outflows in the second quarter. Bar and coin demand fell 19% to 267.8 tonnes, and jewellery consumption fell 17% to 312.9 tonnes. The council said central bank buying was likely to at least match 2025. It cut its 2026 investment demand growth forecast to 200 metric tons from 400 tons, Reuters reported via Kitco. These are quarterly figures and did not by themselves set Tuesday's price.

Political & policy watch

• US midterms. Voting took place on November 3, with Democrats favoured to take the House and the Senate uncertain, the later Reuters gold report said. Fawad Razaqzada, market analyst at Forex.com, said a Democratic sweep "could potentially put pressure on the US dollar," which could support gold if the dollar falls, according to that report. Results were not known at the time of writing.
• Iran and Ukraine talks. The Reuters reports described conflicting signals during the day: an Iranian official said a deal was still far off, while later reports of peace talks pushed oil lower. Bullquill has not independently verified the status of either set of talks.
• US Treasury borrowing. The Treasury cut its fourth-quarter borrowing estimate to $618 billion and said its quarterly refunding announcement is due on November 4, according to a Reuters report carried by Kitco.

What to watch next

• November 4: US midterm results and the US Treasury quarterly refunding announcement, according to Reuters.
• Later in the week: US October jobs data, Reuters reported.
• December 8–9: The Fed's next policy meeting, according to Reuters. See our central bank meeting calendar.
• Each London business day: LBMA Gold Price AM (10:30 London) and PM (15:00 London) benchmarks.

Risk checklist for readers

• Election results can move prices. Outcomes that change expectations for US spending, debt or the dollar can shift gold quickly, often outside regular trading hours.
• Watch real yields and the dollar together. On Tuesday both rose, and gold fell; on other days they can pull in opposite directions.
• Oil headlines cut both ways. News on Iran or Ukraine can move crude, inflation expectations and the rate outlook within hours.
• Quarterly data is not daily data. World Gold Council figures describe July to September and may not explain a single session.
• Different feeds, different closes. Spot and futures prices use different cut-off times, so reported daily changes differ.
• Local prices also depend on currencies. For buyers in Indonesia, Thailand or elsewhere in ASEAN, the local gold price moves with both XAU/USD and the exchange rate.
• Use primary data. The Federal Reserve, US Treasury, CME Group, LBMA and the World Gold Council publish the figures behind most headlines.

This article is for information only and is not investment advice.