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On Monday, November 2, 2026, gold and silver are clawing back part of Friday’s liquidation-driven rout, and this daily precious metals market report finds buyers returning as crude oil slides more than 3% ahead of Tuesday’s U.S. midterm elections. Gold spot price is trading at $3,954.23 per ounce, up $71.78 (+1.85%) on the day. Silver spot price is trading at $51.66 per ounce, up $1.80 (+3.61%) on the day. That leaves the gold/silver ratio near 76.5, down from roughly 78 at Friday’s close as silver outpaces gold on the bounce. Friday’s roughly 3.5% drop pushed gold below $4,000 and to its lowest level since October 2025. A sharp selloff in technology and AI shares forced investors to raise cash, and they sold safe-haven holdings to get it. Today’s catalyst is energy. Cheaper oil eases the inflation pressure that has kept a December Fed rate hike in play, with the fed funds rate at 3.75% to 4.00%. On the physical side, APMEX quoted a gold bid-ask spread near $60 an ounce early this morning, a sign of orderly two-way flow rather than panic. Track the live gold price through a crowded week. The October ISM Manufacturing PMI is due at 10:00 a.m. ET today, voters go to the polls Tuesday, and October payrolls arrive Friday at 8:30 a.m. ET.
The signal most readers will miss today is not the size of the bounce but which metal is leading it. Silver’s 3.6% gain is nearly double gold’s, even though the silver spot price today still sits well below the $60 area it held a month ago. When silver leads a rebound off a fresh low, it often signals that forced sellers have finished and price-sensitive buyers are back. For the physical precious metals market, that distinction matters. Friday’s decline was not a verdict on gold’s fundamentals. It was a balance-sheet event, with investors selling what they could to cover losses in technology shares. The World Gold Council flagged the same split on October 5, noting that gold fell more than 8% in September even as global gold ETFs absorbed more than 70 tonnes. Paper positioning moved the price while physically backed demand kept accumulating. The gold spot price today also remains about 29% below this year’s high of $5,595, so investors who waited for a better entry point now have one. At a ratio of 76.5, one ounce of gold buys more than 76 ounces of silver. That is well above the long-run level near 60 that the Silver Institute discussed in July. Gold holders who want more silver exposure can use that spread to swap one metal for the other without adding new cash, and current silver coin prices show what each ounce costs in hand. The risks are real and close. A firm ISM reading, a surprise midterm result, or a strong payrolls report could revive December rate-hike bets and send prices back toward Friday’s lows. That is exactly why we favor scaling in. Buyers who split purchases across this week’s events, rather than chasing one price, will build a sturdier physical position. In this daily precious metals market report, patience is the edge.
