Gold recovered some lost ground in early Asian trading on Monday, 2 November 2026, edging back towards $3,900 an ounce after falling to its lowest level in about a year in the previous session. FXStreet reported the metal trading near $3,895, while a market snapshot put spot gold above $3,900 in the same early session; the small difference reflects different moments in a moving market, not a single fixed price.

The bounce followed a sharp sell-off on Friday, 30 October, when gold fell to about $3,870 an ounce. That session capped a second consecutive monthly decline for the metal. December gold futures had settled at $3,898.90, described as a 52-week low.

Why the rebound looks fragile

Traders attributed the limited recovery to the same forces behind the sell-off: elevated oil prices and persistent inflation concerns, which have reinforced expectations of a US interest rate rise. Markets were pricing in about a 72.9 per cent probability of a December rate hike by the Federal Reserve, according to the CME FedWatch tool cited by FXStreet, and higher rate expectations typically weigh on gold because the metal pays no interest.

Technical analysts quoted in the coverage put initial resistance near $3,910, with the 100-day moving average at about $4,210 — levels the metal would need to clear before any recovery could be called durable.

A week of catalysts ahead

The metal now faces a heavy calendar: Monday's ISM manufacturing survey, Tuesday's US midterm elections and Friday's October jobs report are all due before the week is out, alongside continuing tensions in the Middle East. A soft payrolls number could open the way back above $4,000, while strong data would keep the pressure on. For now, the Monday rebound looks like a pause in a downtrend rather than a reversal. Sources: FXStreet and BBX market snapshot, 2 November 2026.