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Silver $49.06 Β· Gold drops as oil prices climb, U.S. midterms loom ‌ ‌ ‌ ‌ ‌
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Gold Mornings
Your weekday morning read on gold, metals and miners.
Issue #96 Β· Tuesday, November 3, 2026
Gold volatility (GVZ)  Cautious Β· 25.5  β–Ό from 26.1 yesterday
Gold fell while miners rose as oil climbed on Middle East tensions and U.S. election uncertainty shaped market sentiment today.
 
 

●  The Numbers

Gold$3,920.00  -1.25%
-3.79% this week
Silver$49.06  -3.26%
-9.63% this week
Platinum$1,428.30  -2.10%
-6.95% this week
Palladium$939.00  -2.70%
-8.27% this week
Copper$6.38  -2.54%
-3.70% this week

●  The Movers

Leaders

AEM Agnico Eagle+3.04%
GDX Gold Miners ETF+2.67%
B Barrick Mining+2.59%

Laggards

SI=F Silver-3.26%
PA=F Palladium-2.70%
HG=F Copper-2.54%

The day's best and worst of the tracked metals and miners Β· day-over-day change.

●  The Read

Gold β€” description, not prediction

Trading below both its 50-day ($4,265.02) and 200-day ($4,512.67) averages β€” the longer-term trend reads as down. 30-day range $3,898.90–$4,321.20; currently in the lower third of that range. RSI(14) 35 β€” momentum weak.

See where every market sits on the daily page β†’

What's pushing gold today: the dollar & Treasury yields  on the Dollar & Yields page β†’

●  The Brief

 Gold drops as oil prices climb, U.S. midterms loom

Gold declined 1.25% while safe-haven demand competed with rising oil prices tied to Middle East escalation and upcoming U.S. elections, creating cross-currents for precious metals. (Investing)

 Russian strikes knock Ukraine power; Kyiv hits refinery

Escalating Ukraine-Russia military actions, including infrastructure strikes, intensify geopolitical risk and energy supply concerns that typically support gold and safe-haven assets. (Investing)

 Oil rises as Iran war deal prospects dim further

Crude prices climbed on reports of U.S. strikes near Iran and deteriorating peace negotiations, increasing energy volatility that can influence precious metals demand. (Investing)

 Chile copper surplus outlook pressures price forecasts

Refined copper surplus forecasts leave little cushion for supply disruptions, affecting the broader industrial metals complex that includes gold-mining operational costs. (Mining.com)

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A plain, factual guide to holding physical gold in a retirement account: the eligible metals, rollovers and transfers, custodians, storage, and fees.

Learn how a gold IRA works

Metals 101

Why is copper called 'Dr. Copper'?

Copper is in everything from wiring to construction, so its price tends to rise and fall with global industrial activity. Traders joke it has a PhD in economics because it reads the business cycle.

β€œMetals mirror the dollar and the day's mood β€” a description, not a forecast.”

Gold Mornings is an educational digest for US readers. Nothing here is financial, investment, tax, or legal advice. Metals carry risk β€” you can lose money, and past performance does not predict future results. Some links may be affiliate links; we may earn a commission at no cost to you. Prices via Yahoo Finance, captured each morning before the US open.

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