Nov 1, 2026 - 3 min read
Global gold prices fell sharply at the start of November, with spot gold trading near $3,874 per ounce after closing October at a one-year low. The decline pushed the precious metal below the key $4,000-per-ounce level, as investors reacted to a firmer US rate outlook and awaited fresh inflation data.
What Happened
Spot gold was quoted at $3,874.40 per troy ounce on Sunday, down $146.10, or about 3.63%, according to Kitco’s live market data. Gold futures for December delivery were also under pressure, trading near $3,898.90 per ounce after a 3.3% decline.
The metal ended October at $3,874.58 per ounce, down 3.63% for the month. Market data showed gold lost about 7.23% over the past month, making it one of the weakest periods for bullion in recent months.
Why Gold Is Falling
The main pressure on gold came from expectations that US interest rates could remain higher for longer. The Federal Reserve recently held its benchmark rate at 3.75%–4.00%, while markets continued to assess the possibility of another rate increase.
Gold does not pay interest, so higher borrowing costs and stronger bond yields can reduce demand for the metal. Investors are also waiting for upcoming US inflation data, which could shape expectations for future Federal Reserve policy.
Key Levels to Watch
A break below $3,850 per ounce could open the door to further short-term weakness, while a recovery above $4,000 would signal renewed buying interest. Traders are watching US inflation figures, dollar movements, and bond yields for the next major direction.
Silver has also weakened alongside gold, falling below $50 per ounce for the first time since November 2025. The broader precious-metals market remains sensitive to shifts in US monetary policy expectations.
What Comes Next
Gold is likely to remain volatile in November as markets assess inflation data, Federal Reserve signals, and global safe-haven demand. A softer US inflation report could support a rebound, while stronger economic data may add further pressure on prices.
For global buyers, retail gold prices may still vary by country because local currency movements, import duties, taxes, and jeweller margins can change the final price. The world spot price remains the main benchmark used to set local bullion and jewellery rates.
Related Articles
-
Read the latest update on the US ban on Chinese telecom firms’ direct access to phone numbers.
-
Learn more about the DHS leaked data case involving more than 40,000 personnel.
-
Understand why the Weil Gotshal law firm collapsed after 95 years.
External Sources
-
Check live prices on the Kitco gold price chart.
-
View global market data on Trading Economics.
-
Read the latest gold price prediction and November outlook.
-
Follow official research and market analysis from the World Gold Council.
