Gold price prediction: Gold rate continues to fall or will bear movement end after US midterm elections results? Experts make forecast

Gold price is likely to witness volatile movement during the US midterm election results on November 3 onwards. Negative geopolitical developments, the US midterm election outcome and key economic data will drive the gold rate, analysts said.

Gold prices hit a one-year low on Friday while silver, platinum and palladium slid deep into technically oversold territory, as tech shares slumped amid worries that AI spending may not deliver sufficient returns. Spot gold fell 3.29 per cent to USD 3,898.90 an ounce - its lowest level since October 2025 - while silver dropped 6.5 per cent to $49, breaking below $50 for the first time in 11 months, and palladium slid below $1,000.

Gold Rate Prediction


Manufacturing and services PMI data from major economies, eurozone inflation figures, and US unemployment and nonfarm payrolls data later in the week will also be in focus.

In the week ahead, all eyes will be on the US midterm election results on November 3, and President Donald Trump's actions after that, said Pranav Mer, Senior Vice President, EBG - Commodity & Currency Research, JM Financial Services Ltd, as per PTI report.

Any escalation involving the US, Israel and Iran could sharply push up crude oil prices, while risk assets such as equities and commodities may face extended selling and liquidation, he said.

Gold Price Forecast

Gold futures sell-off extended on Friday, while selling in silver accelerated, tracking a dip in the precious metal and a corrective move on industrial metals. Both metals ended the week with heavy losses, with gold hitting a low of USD 3,870 and silver USD 48.7, down 3 and 9 per cent, respectively, Mer said.

He said bullion saw some liquidation on Friday following a sharp sell-off in global and US information technology stocks, possibly to meet margin calls.

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said that developments surrounding US election-related uncertainty and tensions between Washington and Tehran could trigger intermittent demand for precious metals, although the broader price direction would largely depend on macroeconomic factors.