Gold
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After the Bell: Gold Rebounds as Oil Tumbles on US-Iran Hopes
MONDAY, NOVEMBER 2, 2026 · ATLANTA, GA
ALEX LEXINGTON
THE PULSE · AFTER THE BELL
The Pulse · Listen now · 4:49
Monday November 2: Gold Rebounds as Oil Tumbles on US-Iran Hopes
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MARKET SNAPSHOT
| Gold Spot | ~$3,950/oz (up close to 2% on the day) |
| Silver Spot | ~$50.50/oz (up roughly 3%) |
| WTI Crude (Dec.) | $96.08/bbl (down $8.04, -7.7%) |
| Brent Crude | ~$104/bbl (sharply lower on US-Iran diplomacy reports) |
| 10-Year Treasury Yield | 4.89% (down about 3.5 basis points) |
| S&P 500 | 7,541.40 (-0.51%) |
| Dow Jones | 51,983.98 (+0.41%) |
| ISM Manufacturing (Oct.) | 55.5 vs. ~54.5 expected (Sept.: 54.5) |
| Fed Funds Target | 3.75%–4.00% (held Oct. 28) |
| AAA Regular Gas (national avg.) | $4.17/gal (down 12¢ from a week ago) |
THE METALS
Gold bounced back on Monday, rising close to 2% to about $3,950 an ounce after Friday's slide to a one-year low. Silver did even better, climbing roughly 3% to around $50.50. The driver was oil: crude prices tumbled on reports that the United States and Iran are seeking a diplomatic path, and cheaper oil eases worries about inflation and further Federal Reserve rate hikes, which had weighed heavily on both metals through October.
Physical demand has a seasonal tailwind this week. In India, the festival season, with Dhanteras and Diwali later this week, traditionally brings a wave of buying in gold jewelry and coins.
THE STORY
The day's big story was the oil slide. West Texas Intermediate, the US benchmark, fell nearly 8% to about $96 a barrel, and Brent, the global benchmark, dropped to around $104. The national average for regular gasoline is about $4.17 a gallon according to AAA, 12 cents lower than a week ago.
The Fed is the other half of the story. Last week the central bank held its key rate at 3.75% to 4%, with two officials dissenting in favor of a hike, and on Friday Dallas Fed President Lorie Logan said at least two more quarter-point increases are needed. Futures traders are pricing roughly a three-in-four chance of a December hike. That is a bet, not a promise. Cheaper oil gives policymakers a little breathing room, and that helped gold.
Elsewhere, the ISM manufacturing index came in at 55.5 for October, better than the roughly 54.5 economists expected; any reading above 50 signals expansion. The 10-year Treasury yield slipped to about 4.89%. Stocks were mixed: the Dow rose 0.4% while the S&P 500 slipped 0.5% to 7,541 as investors sold technology shares.
FROM OUR DESK
At our desk today, more customers were selling than buying, mostly silver coins and bars along with some old gold jewelry, while a smaller group came in to buy gold and silver bullion. This is an observation of activity, not a market signal.
WHAT AN OUNCE BUYS
At about $3,950, one ounce of gold would fill a 15-gallon tank about 63 times at today's AAA national average of $4.17 a gallon for regular gas.
YOU ASKED
A listener asked: can you test a rock to see if it holds gold or silver? Jewelry and coins can usually be tested right at the counter. Rocks are different. The metal is spread unevenly through the stone, so a surface reading can mislead. The reliable route is an assay lab, which crushes a sample and measures what's inside. If you think you've found something, talk with a precious metals broker you trust, whether that's us or someone else.
WHAT IT MEANS FOR YOU
Borrowing: The 10-year Treasury yield, which steers mortgage rates, eased to about 4.89%. A small drop can help at the margin if you're buying a home or refinancing, but the Fed's December decision still hangs over rates.
At the pump: Gas averages about $4.17 a gallon nationally. If crude stays lower, pump prices tend to follow, usually with a lag of a few weeks.
Your metals: Gold and silver recovered part of last week's losses as oil fell. Day-to-day swings have been large, which is a reminder to understand buy and sell spreads before you trade.
LISTEN TO THE PULSE
Hear this edition with the player at the top of this page, see all episodes, or follow The Pulse on Spotify.
WHAT TO WATCH TOMORROW
Tuesday is Election Day for the US midterms, and results can move markets overnight. Watch oil and any news from the US-Iran talks. Later this week, Friday's jobs report is the key data point ahead of the Fed's December 8–9 meeting.
EPISODE TRANSCRIPT
Read the full transcript
Here's your Monday evening update on what moved the markets today, and what it means for you. Gold bounced back today, rising close to 2% to about $3,950 an ounce. Silver did even better, climbing roughly 3% to around $50.50. The reason was oil. Crude prices tumbled on reports that the United States and Iran are seeking a diplomatic path, and cheaper oil eases worries about inflation and more Federal Reserve rate hikes. In India, the festival season, with Dhanteras and Diwali later this week, traditionally brings a wave of buying in gold jewelry and coins.
The day's big story was that oil slide. West Texas crude, the US benchmark, fell nearly 8% to about $96 a barrel, and Brent, the global benchmark, dropped to around $104. For you, that matters at the pump. The national average for regular gas is about $4.17 a gallon, 12 cents lower than a week ago, according to AAA. If crude stays lower, pump prices tend to follow, though that usually takes a few weeks.
The Fed is the other half of the story. Last week the central bank held its key rate at 3.75% to 4%, but two officials wanted a hike, and on Friday the Dallas Fed's Lorie Logan said at least two more quarter-point increases are needed. Futures traders are pricing roughly a three-in-four chance of a hike in December. That's a bet, not a promise. Cheaper oil gives the Fed a little breathing room, and that's part of why gold rose.
The 10-year Treasury yield, which steers mortgage rates, slipped to about 4.89%. If you're shopping for a home or refinancing, even a small drop in that yield can help at the margin.
Factories also had a good month. The ISM manufacturing index, a monthly survey of purchasing managers, came in at 55.5, better than the roughly 54.5 economists expected. Anything above 50 means factories are growing. Stocks were mixed: the Dow rose, while the S&P 500 slipped about half a percent to 7,541 as investors sold technology shares.
At our desk today, more customers were selling than buying, mostly silver coins and bars along with some old gold jewelry, while a smaller group came in to buy gold and silver bullion.
What does an ounce buy? At about $3,950, one ounce of gold would fill a 15-gallon tank about 63 times at today's national average for regular gas.
A listener asked: can you test a rock to see if it holds gold or silver? Jewelry and coins can usually be tested right at the counter. Rocks are different. The metal is spread unevenly through the stone, so a surface reading can mislead. The reliable route is an assay lab, which crushes a sample and measures what's inside. If you think you've found something, talk with a precious metals broker you trust, whether that's us or someone else.
What to watch tomorrow: it's Election Day for the midterms, and results can move markets overnight. Keep an eye on oil and any news from the US and Iran talks. And on Friday, the jobs report is the big one for the Fed's December decision.
Enjoying The Pulse? Like, subscribe and join our newsletter, and tell us what news you want next. And grab our free Buyer's and Seller's Guide at alexlexington.com, yours to use with us or any dealer. That's your market for today. When you're ready to buy, sell or secure your precious metals, the Alex Lexington family is here for you. See you soon.
DISCLOSURE
This content is for education only and is not investment advice. Alex Lexington does not provide personalized financial advice; talk with a professional about your own situation. Prices are approximate as of the US close on November 2, 2026, and may differ by source.
Sources: Yahoo Finance market close; USAGold daily report; investingLive Americas wrap; The Rio Times global briefing; AAA national gas price average; FatTail calculation from CME fed funds futures; Kitco/Reuters on Dallas Fed President Logan's remarks; ISM manufacturing report as reported by financial wires.
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