Gold and silver prices edged higher in early Asian trade on Monday, 2 November 2026, recovering part of the losses recorded in the previous week. Analysts cautioned that the outlook remains unclear as investors weigh shifting US interest rate expectations, elevated oil prices and geopolitical risks, according to a market report published by Kotak Neo on 2 November 2026. On the Commodity Exchange, Inc. (COMEX), gold futures rose $20.80, or 0.53%, to $3,919.70 per ounce in early Asian trading.
Silver futures gained $0.629, or 1.28%, to $49.905 an ounce. The report described the rebound as following a volatile week for precious metals, while noting that selling pressure continues and that interest rate expectations keep shifting. The previous week brought significant declines across domestic and international markets.
On the Multi Commodity Exchange (MCX) of India, December gold futures lost ₹3,539, or 2.5%, to settle at ₹1.38 lakh per 10 grams, while silver futures fell ₹16,587, or 8.5%, to ₹1.79 lakh per kg. Overseas, December gold futures on COMEX declined nearly 3% to $3,898.90 per ounce, and silver dropped around 9% to $49.27 per ounce. The report attributed part of the weekly sell-off to a sharp decline in global and US information technology stocks, which it said contributed to liquidation across bullion markets.
It noted that some investors may have sold gold and silver to meet margin calls and raise cash. Interest rate expectations also weighed on prices. Gold does not generate interest income, which makes it less attractive when interest rates are rising.
Futures markets continue to reflect expectations of further US Federal Reserve tightening, although the extent of expected increases has moderated compared with a month earlier. Brent crude trading above $110 per barrel has added to market uncertainty. Higher oil prices can intensify inflation concerns and influence interest rate expectations.
The report also pointed to geopolitical tensions involving the United States, Israel and Iran, which could affect both oil and precious metals. Investors face several key events this week. These include the US midterm election on 3 November 2026, the US non-farm payrolls report scheduled for 6 November 2026, and manufacturing and services Purchasing Managers' Index (PMI) readings.
Eurozone inflation data and developments in the Middle East could also shape market sentiment. A commodity market analyst cited in the report said election-related uncertainty and tensions between Washington and Tehran could support intermittent demand for precious metals, although the broader direction will depend on macroeconomic conditions. Another market assessment warned that any escalation in geopolitical tensions could push crude oil higher and trigger further selling in risk assets and commodities.
Analysts expect volatility to remain elevated. The report stressed that the recent recovery alone does not confirm that the downward trend has reversed. Source: Kotak Neo, 'Gold And Silver Rates Today: Bullion Recovers From Last Week's Losses As Investors Track US Elections, Inflation And Interest Rates', by Vishwa Ved, published 2 November 2026.
Price data cited in the report refers to COMEX and MCX futures contracts.
Source: kotakneo.com