Gold Prices Today, November 1, 2026: $2,847 Gains 1.9% on Week as Hike Bets Fade

Gold enters November at record altitude. Spot bullion settled near $2,847 an ounce on Friday after printing an all-time high of $2,852 earlier in the session, completing a fourth consecutive weekly gain of roughly 1.9% and extending a 2026 advance of more than 30%. Silver held near $35.10, up about 2.4% on the week. Cash bullion is quiet over the weekend, but the position the metal leaves behind — a record close with the December Fed decision still genuinely two-sided — is not quiet at all.

The jobs report did the work. Average hourly earnings cooling to 3.5% year over year pulled the 10-year TIPS real yield down about five basis points, trimming the opportunity cost of holding a non-yielding asset as the dollar index slipped toward 101.3. Underneath the cyclical move, the structural bid is intact: official-sector purchases reached 213 tonnes in the third quarter, global gold ETF holdings added 41 tonnes in September, and bullion-backed holdings stand at their highest in three years. Mining equities have levered the move, with the NYSE Arca Gold Miners Index up more than 42% year to date.

The level map is clean. Support sits at $2,760 — the October 24 low that held on three separate tests — with a deeper shelf at $2,690. Resistance is the record itself at $2,852, then the $2,900 milestone that every desk has cited for a month and that will therefore produce a reaction whether or not it means anything. The swing factor arrives Wednesday: ISM services at 10:00, with a prices-paid reading above 58 enough to rebuild December hike odds from 68%, lift real yields and turn the record from support into resistance. A soft print does the opposite and opens $2,900.

What would break the record is not the range-bound dollar and not price-elastic jewellery demand. It is a services inflation print that forces the market to price a December hike above 80% — the one scenario in which real yields, the dollar and positioning all move against bullion at the same time. Until Wednesday, the metal holds a record while the FOMC's December 9-10 meeting remains close to a coin flip, which is exactly the configuration that keeps the hedging bid alive.