FinanceTuesday, November 3, 20261 min read

Gold price prediction: Will gold extend gains on Tuesday? Check outlook for November 3

By Economic Times Markets · Published by Everything Blog

In short

Spot gold gained 0.3% to reach $3,960.80 per ounce, finding temporary footing after a severe market correction in October. However, institutional analysts, including those at Bank of America, forecast prices to remain constrained below the $4,000 threshold over the next quarter. Pressure stems heavily from a 16.6% year-on-year drop in purchases by major buyers and softer jewellery demand in the United States, India, and China.

Key points

Higher borrowing costs and elevated real yields continue to dampen investor appetite for…: Higher borrowing costs and elevated real yields continue to dampen investor appetite for non-yielding bullion assets.
Technical resistance stands between $4,000 and $4,044, with institutional projections ant…: Technical resistance stands between $4,000 and $4,044, with institutional projections anticipating prices will stay beneath $4,000.
Upcoming U.S. midterm elections and labor-market data remain primary catalysts for assess…: Upcoming U.S. midterm elections and labor-market data remain primary catalysts for assessing future monetary and fiscal policy.

Sources checked by our analysis pipeline: 1

Investors are now looking to the US midterm elections for indications of the country's fiscal policy direction and their potential impact on broader market sentiment. Traders currently see a 73% probability of the Federal Reserve raising interest rates in December, according to CME's FedWatch tool. Higher interest rates increase the opportunity cost of holding non-yielding assets such as gold, making bullion less attractive to investors.

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In the international market, spot gold rose 0.3% to $3,960.80 per ounce, building on its recovery from a one-year low touched on Friday. US gold futures for December delivery remained steady at $3,970.80.

Gold price outlook for November 3

Manoj Kumar Jain of Prithvi Finmart expects gold and silver prices to remain volatile this week, driven by fluctuations in crude oil prices and the dollar index, along with geopolitical tensions.He said gold has support at $3,940-3,880 per troy ounce, while resistance is placed at $4,000-4,044. Silver has support at $49.40-48.80 per ounce, with resistance at $51.80-52.40.

On the MCX,…

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In short

Key Points

Higher borrowing costs and elevated real yields continue to dampen investor appetite for…: Higher borrowing costs and elevated real yields continue to dampen investor appetite for non-yielding bullion assets.
Technical resistance stands between $4,000 and $4,044, with institutional projections ant…: Technical resistance stands between $4,000 and $4,044, with institutional projections anticipating prices will stay beneath $4,000.
Upcoming U.S. midterm elections and labor-market data remain primary catalysts for assess…: Upcoming U.S. midterm elections and labor-market data remain primary catalysts for assessing future monetary and fiscal policy.

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AI Analysis

Tone

Mixed

In short

Key Points

Higher borrowing costs and elevated real yields continue to dampen investor appetite for…: Higher borrowing costs and elevated real yields continue to dampen investor appetite for non-yielding bullion assets.
Technical resistance stands between $4,000 and $4,044, with institutional projections ant…: Technical resistance stands between $4,000 and $4,044, with institutional projections anticipating prices will stay beneath $4,000.
Upcoming U.S. midterm elections and labor-market data remain primary catalysts for assess…: Upcoming U.S. midterm elections and labor-market data remain primary catalysts for assessing future monetary and fiscal policy.

Topics

Finance

Was this summary useful?

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Gold price prediction: Will gold extend gains on Tuesday? Check outlook for November 3

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