Gold Slips 0.5% to $3,926 an Ounce Ahead of US Midterm Elections

Spot gold fell 0.5 percent to $3,926.52 an ounce in trading on Tuesday, November 3, 2026 (12 Aban 1405), according to Ecoiran citing ISNA and Reuters. Gold had risen more than 2 percent on Monday to $3,954.41, after falling on Friday, October 30 to its lowest level in about a year. Silver dropped 1.8 percent to $49.71, platinum 0.2 percent to $1,446.80 and palladium 1.4 percent to $953.64.

Tim Waterer, chief market analyst at KCM Trade, said gold is still being sold as a liquid asset so investors can cover losses or margin calls, rather than bought as a haven as in the past. According to the CME FedWatch tool, traders put the probability of a Fed rate hike in December at 74 percent, and markets are waiting for the result of the US midterm elections. In Tehran, Donya-e-Eqtesad, citing the gold and jewellery union, put the 18-karat gram at 25,516,000 tomans and the Emami coin at 261,800,000 tomans.