Gold Rises 1.9% to US$3,948 as Silver Gains 3.2% | Gold & Silver, Nov 2
Key Facts
- Spot gold rose about 1.9% to roughly US$3,948 an ounce on Monday, 2 November, and spot silver gained about 3.2% to roughly US$50.63.
- The gold fund GLD added 1.65% to US$361.65 and the silver fund SLV 2.17% to US$45.57, a rebound after Friday’s heavy losses.
- Gold miners rose faster than the metal: the GDX fund gained 2.67%, with Agnico Eagle, a Canadian producer, up 3.04% and Newmont, a US producer, up 2.33%.
- The rebound is small against the fall: gold is still 28% below its January high of 5,513 and silver 56% below its peak of 114.59.
- Prediction markets: Polymarket, a prediction market, puts 82.5% on gold touching US$4,000 at some point in November and 73.5% on silver falling to US$50, as of 2 November 2026, 9:04 pm ET.
Today’s Focus
Gold and silver bounced on Monday after the worst day in weeks. Spot gold ended near US$3,948 an ounce, up about 1.9%, and spot silver finished near US$50.63, up about 3.2%.
Mining shares rose faster than the metals. The GDX fund of gold miners gained 2.67%, and Agnico Eagle, a large Canadian producer, climbed 3.04%.
The move came on the eve of the US midterm elections, with Wall Street lower and oil sharply down.
What matters today. Friday’s drop took gold about 3.3% and silver about 5.5% lower, so Monday’s rebound is a first step, not yet a turn.
01 The session in one read
Spot gold ended Monday near US$3,948 an ounce, up about 1.9% from about US$3,875 on Friday. Silver gained about 3.2% to roughly US$50.63.
In New York, the gold fund GLD rose 1.65% to US$361.65 and the silver fund SLV 2.17% to US$45.57. Spot prices are per troy ounce; funds trade as shares.
Wall Street fell. The S&P 500, the main US share index, lost 0.51% and the VIX, its fear gauge, rose to 21.15, so metals acted as a refuge on the day.
The dollar barely moved (the UUP dollar fund slipped 0.14%) and the 10-year Treasury yield eased to about 4.89% from 4.93%, which is friendly for gold, a metal that pays no interest. Falling oil, with the USO fund down 7.08%, also eased inflation worries. We cannot confirm a single cause; a bounce after a 3.3% fall often reflects bargain-hunting and covering of bets against the metal.
The variable to watch is whether gold holds above Friday’s low near US$3,875.
02 The board
Spot prices come from the RT market feed; the table shows both metals against Friday’s close. Funds are the New York closes.
Silver is the more volatile metal, so its 3.2% gain was bigger than gold’s 1.9%. Gold is about 1.9% above its 12-month low of 3,875 set on 30 October.
| Asset | Level | Change |
|---|---|---|
| Gold (spot, per ounce) | US$3,948 | +1.87% |
| Silver (spot, per ounce) | US$50.63 | +3.18% |
| Gold fund GLD | US$361.65 | +1.65% |
| Silver fund SLV | US$45.57 | +2.17% |
| Gold miners fund GDX | US$79.15 | +2.67% |
Source: RT close, 2026-11-02. Where a commodity has no spot feed, an exchange-traded tracker or leading producer is shown as a labelled proxy.
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Latin America — Cross-Market Board
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 167,921.80 | -0.75% | +19.56% | 169,186.42 | 178,526 | 175,157 | — |
| IPSA | 10,374.91 | +1.18% | — | 10,254.15 | 10,722 | 10,633 | — |
| IPC MEX | 69,779.20 | -0.01% | +12.74% | 69,787.41 | 70,008 | 69,383 | 49,372,306 |
| MERVAL | 2,848,945 | — | +12.65% | 2,859,051 | — | — | — |
| COLCAP | 2,490.92 | +0.04% | — | — | — | — | — |
| USD/BRL | 5.34 | -1.32% | -0.84% | 5.42 | 5.42 | 5.30 | — |
| EUR/BRL | 5.95 | +7.53% | -4.87% | 5.54 | 6.04 | 5.92 | — |
| USD/MXN | 18.69 | +0.62% | +1.45% | 18.57 | 18.69 | 18.54 | — |
| USD/CLP | 983.47 | -0.57% | +5.64% | 989.13 | 991.87 | 979.07 | — |
| USD/COP | 3,149 | +3.06% | -18.02% | 3,056 | 3,173 | 3,111 | — |
| USD/PEN | 3.45 | +0.17% | +3.85% | 3.44 | 3.45 | 3.44 | — |
| USD/ARS | 1,537 | -0.28% | +3.77% | 1,541 | 1,541 | 1,537 | — |
| USD/UYU | 40.21 | +3.57% | +2.29% | 38.83 | 40.21 | 40.08 | — |
| USD/PYG | 5,803 | +3.78% | -16.54% | 5,592 | 5,803 | 5,735 | — |
| USD/BOB | 11.97 | +4.93% | +77.92% | 11.41 | 11.97 | 11.82 | — |
| USD/DOP | 60.54 | +1.83% | -4.34% | 59.45 | 61.14 | 59.85 | — |
| USD/CRC | 451.24 | +2.13% | -7.80% | 441.83 | 451.40 | 450.04 | — |
| USD/GTQ | 7.64 | +3.23% | +2.18% | 7.40 | 7.64 | 7.64 | — |
03 What moved it
The US Treasury 10-year yield eased about 3.5 basis points (0.035 percentage points) to roughly 4.89%. Lower yields make gold cheaper to hold.
The Federal Reserve, the US central bank, held its target range at 3¾% to 4% on 28 October in a 10 to 2 vote, with two members, Fed governor Lisa Cook and Cleveland Fed president Beth Hammack, preferring a quarter-point rise. Any hawkish tone keeps pressure on gold.
China’s factory activity index (the S&P Global manufacturing PMI) came in at 52 for October against 51.6 expected in the RT economic calendar, a firm reading for industrial metals demand. The ISM manufacturing index for the US was due at 15:00 UTC, with a forecast of 54.6; its actual value was not in our data at publication.
04 The Latin American read
Latin America matters for precious metals through Peru, Mexico and Brazil, large gold or silver producers. Peru’s Buenaventura, a gold and silver miner, gained 1.63% in New York to US$26.85.
Mexico’s stock exchange was closed on Monday for All Souls’ Day, so Mexican silver miners listed at home did not trade.
05 The names to watch
Miners rose more than metal. Agnico Eagle gained 3.04% to US$170.41, Newmont 2.33% to US$109.09, Barrick Mining, a Canadian gold miner, 5.55% to US$40.14 and Wheaton Precious Metals, a streaming company, 2.2% to US$119.15.
For investors who want exposure without the metal itself, GLD and SLV track the price, while GDX holds miners.
06 The outlook
Gold is trading just below US$4,000, a round number traders watch. A close above it would suggest the rout is fading; a fall under Friday’s low near US$3,875 would reopen the slide.
US elections on Tuesday 3 November, the ADP private-payrolls report (ADP is a US payroll processor) on Wednesday and rate expectations will keep driving the metal.
What Prediction Markets Say
On Polymarket, a prediction market, traders put the chance that gold touches US$4,000 at some point in November at 82.5% and the chance it falls to US$3,900 at 78.0%. For silver, they put 73.5% on a fall to US$50 and 72.0% on touching US$52. About US$39,000 has been traded across the gold markets for November, as of 2 November 2026, 9:04 pm ET.
Prices on prediction markets are bets, not polls or forecasts by officials.
Why we show this: prediction markets turn real-money bets into a live probability that moves within minutes of the news, which is why investors, campaigns and newsrooms in the United States now follow them closely. We show them next to polls and official results, never instead of them.
07 What to watch
- US$4,000 for gold: A close above it would suggest the rout is fading.
- US midterm elections, 3 November: Results can move the dollar and yields, the two forces that steer gold.
- US jobs data: The ADP private-payrolls report on Wednesday 4 November, with a forecast of 65,000 jobs, tests rate expectations.
- Silver near US$50: A close below it would reopen the slide.
Frequently Asked Questions
Why did gold rise on Monday?
Spot gold gained about 1.9% to roughly US$3,948 after Friday’s sharp fall. Falling Treasury yields, a weaker stock market and election-eve caution all coincided; we could not confirm a single cause.
How much did silver gain?
Spot silver rose about 3.2% to roughly US$50.63, and the SLV fund gained 2.17%.
Which gold miners gained the most?
Barrick Mining rose 5.55%, Agnico Eagle 3.04% and Newmont 2.33%.
Where is gold compared with its peak?
About 28% below its January high of 5,513, and about 1.9% above its 30 October low of 3,875.
Market data: RT
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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