Gold and silver fell sharply as investors weighed the U.S. midterm elections, Middle East tensions and a rebound in oil prices; SLV dropped 3.2% to its lowest in nearly 52 weeks, while GLD slipped over 1.1% in pre-market trading. January 2027 gold futures fell 1.4% to $3,929.80 per ounce, and silver contracts due in January 2027 dropped 3.8% to $49.20 per ounce. Saxo Bank's Ole Hansen said gold was sold again near $3,970 an ounce, a former support level that has become resistance, pointing to fragile sentiment. KCM Trade's Tim Waterer said a convincing move above $4,000 an ounce would signal improving momentum, and warned that a tech selloff driven by regulatory pressure could spill over into gold as positions are cut to cover losses. The World Gold Council cut its 2026 full-year gold investment demand forecast to 200 metric tons from 400 MT, as demand for bars and coins fell 19% in the third quarter.
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Related tickers and likely impact
XAU/USD
▼ Likely negativeRelevance: high
| Market | Gold |
|---|---|
| Close on 11/02/2026 | 3,946.68 |
| Change that session | +1.84% |
PAXG/USDT
▼ Likely negativePAX Gold
Relevance: medium
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Real-world assets |
| Market cap | $1.7B |
| Close on 11/02/2026 | 3,952.77 |
| Change that session | +1.07% |
XAUT/USDT
▼ Likely negativeTether Gold
Relevance: medium
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Real-world assets |
| Market cap | $3.1B |
| Close on 11/02/2026 | 3,938.98 |
| Change that session | +1.16% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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