Gold Ends the Week at $3,875 and Silver Below $50: What the Charts Say Before Monday's Open
A 3 percent weekly fall for gold and nearly 9 percent for silver set up a week holding the US midterms on Tuesday and the October jobs report on Friday. The levels and calendar to watch.
Sunday, November 1, 2026/2 min read
Gold's week ended where its October did: at the bottom. Spot gold closed Friday at $3,875.20, its lowest close of 2026 and a 3 percent fall on the week, while silver finished at $49.13, down 8.9 percent, FMV Gold's weekly review records. The gold-silver ratio climbed from about 74 to nearly 79 in five sessions.
We covered Friday's break below $4,000 as it happened. With Asian markets about to reopen, this is the state of play.
How bad was October for gold and silver?
Gold lost about 7.2 percent on the month, its second straight monthly decline, and is now roughly 10 percent below its 31 December close of $4,318.18. The record close of $5,414.49 on 28 January sits about 28 percent above Friday's level. Silver's drawdown is deeper: around 31 percent year to date, and about 58 percent below its own 28 January record of $116.61. Silver's weekly closing high was $54.42 on Tuesday; by Friday it had lost nearly five dollars.
FinanceFeeds' Saturday note puts December Comex futures at $3,898.90 after a 3.3 percent drop on Friday, with a late spot low near $3,881, the weakest since October 2025. Platinum and palladium each lost 7 to 9 percent on the week alongside silver.
Why did precious metals fall this week?
Rates, mostly. The Federal Reserve held at 3.75 to 4.00 percent on Wednesday, but two officials voted for an immediate hike, September PCE inflation came in at 3.6 percent, and third-quarter GDP grew at a 3.4 percent annualised rate. Polymarket pricing cited by FinanceFeeds put the odds of another hike this year at 70 percent, and the 10-year Treasury yield held at 4.93 percent. Peter Grant at Zaner Metals linked the selling to persistent inflation worries and a higher-for-longer rate path.
Commerzbank's view is that margin-call liquidations amplified the move, that the decline is exaggerated and that a recovery should follow. Global gold ETFs took in about $10 billion in September, adding 67 tonnes to a record 4,256 tonnes, so the structural bid has not gone away even as the futures crowd has.
What are the levels and events to watch next week?
FinanceFeeds frames the week as a base range of $3,840 to $3,950, with $4,000 as the bull case, about 3.2 percent above Friday's close, and $3,800 as the bear case, about 1.9 percent below. A move back above $4,000 would be the first sign the forced selling is over; the 23 October low at $3,975 is the first resistance on the way.
The calendar is heavy. Monday brings the first Asian and European sessions after Friday's selloff and the ISM manufacturing survey. Tuesday is the US midterm election and the September JOLTS report. Wednesday has ADP employment and ISM services, Thursday preliminary third-quarter productivity and weekly claims, and Friday the October employment report. Beyond that sits the Fed meeting on 8 and 9 December, which FinanceFeeds calls the single biggest risk for gold this quarter.
None of that changes the bigger picture the forecasters set out on Friday. But for the next five sessions, the metal that spent January at $5,400 will be judged on whether it can hold $3,800.
Published in The Outspoken Digest
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Outspoken Digest Markets DeskReports for The Outspoken Digest across Business, Crypto.
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