Gold Price Today: Bullion jumps 1% above $3,900 after hitting 1-year low as US dollar weakens – Markets

Gold Price Today, November 2: Gold prices rose about 1 per cent on Monday, recovering after slipping to a more than one-year low in the previous session. The rebound was supported by a weaker US dollar, making bullion more attractive to foreign buyers.

As of 6:55 am, spot gold was up 0.8 per cent, or USD 30, at USD 3,904.67. Prices touched an intraday high of USD 3,914.84, reflecting an increase of about 1 per cent from the previous close of USD 3,875.55.

Spot silver, which slipped below the USD 50 mark on Friday, was up about 2 per cent on Monday, trading close to USD 50 per ounce.

On the domestic market, gold and silver prices were not trading at the time of writing this report. Gold and silver futures on the Multi-Commodity Exchange (MCX) had settled at Rs 138,419 per 10 grams and Rs 178,900 per kg, respectively.

Gold Price Today: Why is bullion up today?

Gold prices started the week on a higher note, trading above the USD 3,900 mark as the US dollar weakened against a basket of six major currencies. The dollar index was down 0.2 per cent at 101.88.

A weaker US dollar typically supports gold prices by making the metal cheaper for holders of other currencies and increasing its appeal as an alternative store of value.

However, bullion prices remained under pressure after Friday’s decline took gold to its lowest level since October 3, 2025, marking a more than one-year low. The recovery on Monday could also reflect buying on dips after prices slipped below the USD 3,900 mark.

The broader outlook for bullion remained weak amid rising inflation concerns linked to elevated energy prices as the US-Iran conflict persisted.

Last 10 Days Price of Gold

Gold Price Today: US-Iran conflict, oil prices in focus

On the geopolitical front, Iran’s Islamic Revolutionary Guard Corps (IRGC) said two crude oil tankers had caught fire after hitting mines in the Strait of Hormuz, as Gulf nations condemned Friday’s attack on a Qatari LNG carrier.

US President Donald Trump said the war on Iran would end “very soon, one way or the other”, warning that Tehran would either make a deal or “we’ll just end it”.

Amid the persistent US-Iran conflict, oil prices remained above USD 110, with Brent futures trading around USD 111 and WTI futures around USD 101.75.

Rising inflation can increase expectations of interest rate hikes as central banks tighten monetary policy to control price pressures. Higher interest rates can increase the appeal of interest-bearing assets and raise the opportunity cost of holding non-yielding gold.

Gold Price Today: Federal Reserve rate decision in focus

After the Federal Reserve kept interest rates unchanged during its October FOMC meeting, attention has shifted to the December FOMC decision.

There is about a 72 per cent probability of a 25-basis-point rate hike by the Federal Reserve, according to the figures provided in the source text.

Expectations surrounding the Fed’s next policy decision remain a factor in the outlook for bullion, alongside developments in the US-Iran conflict and movements in energy prices.

Gold Outlook: US Employment Data in Focus

Investors’ focus this week will remain on the US-Iran conflict and economic data from the world’s largest economy.

Market participants will keep an eye on employment and unemployment data for further indications of the US economy’s condition.

Gold’s near-term trajectory will therefore remain in focus as investors monitor geopolitical developments and incoming economic data.