November 2 Gold Morning Report: First Verify Opening Quotes at the Start of the Week, Then Watch Lows and the Employment Calendar

Author: Thomas | Gold Morning Report | November 2, 2026, 09:00 (Beijing time)

On Monday morning, gold is gradually moving from the weekend market closure into a new trading week, but the times at which different platforms resume quotes, as well as spreads and liquidity, are not the same. As of the finalization of this article, no same-time XAUUSD quote that strictly corresponds to 09:00 Beijing time and is verifiable has been obtained. Therefore, no "current gold price" is filled in here, and figures updated later on webpages are not backfilled as the 9 a.m. price. Today, observation begins with opening verification after Friday's decline, already published macro information, and this week's data calendar.

Overnight and Weekend: First Confirm Whether the Market Has Truly Resumed

There was no normal continuous trading over the weekend for review. The last verifiable Kitco spot gold quote came from 17:00 New York time on October 30: bid USD 3,874.40 per ounce, ask USD 3,876.40; the Friday low listed on the page was USD 3,869.30, and the high was USD 4,027.30. That historical quote was down about 3.63% from the previous benchmark on the page, reflecting severe volatility on Friday and not representing today's opening price. Kitco spot bid and ask prices are also not equal to actual XAUUSD execution quotes from EBC or other brokers. Specific chart ranges must be rechecked on your own platform, especially to see whether spreads widen at the start of the week.

If a gap appears between Monday quotes and Friday's last snapshot, do not immediately interpret the gap itself as a sustained trend. Thin liquidity during the opening period, weekend news, and different platform trading hours may all affect the first batch of quotes. First wait for the bid-ask spread to return to a relatively stable level, then compare Friday's low, the Monday opening area, and subsequent hourly closing positions on the same platform. If the low is briefly pierced and then quickly recovered, that is different evidence from remaining below it for several consecutive hours.

Market Hotspots and Bull-Bear Explanations

The Federal Reserve's October 28 statement kept the target range for the federal funds rate at 3.75% to 4.00%, and noted that economic activity is expanding strongly and inflation remains high; two committee members favored a 25 basis point rate hike. In the September personal consumption expenditures data released by the U.S. Bureau of Economic Analysis on October 29, the PCE price index rose 3.6% year on year, and personal consumption expenditures rose 0.5% month on month. These are already published facts and should not be repackaged as new news released today. The policy and inflation backdrop may support the view that the dollar and yields remain relatively strong, putting pressure on non-yielding gold; on the other hand, position adjustment after Friday's sharp drop, safe-haven demand, or falling yields may also drive a recovery.

These two explanations need market evidence. If gold continues to fall below the platform's Friday low while the dollar and U.S. Treasury yields strengthen, the bearish view gains more cross-confirmation; if gold returns to the area it previously lost and forms a higher low, the explanation of sustained decline should be downgraded. A rebound is not necessarily a trend reversal, and a breakdown is not necessarily going to continue. When observing the dollar and yields, it is also necessary to distinguish nominal from real yields, and one cannot claim certain causality based only on one day's correlation.

Today's and This Week's Data Clock

The U.S. Bureau of Labor Statistics' public calendar does not list major regular employment data for November 2. The next key labor market item is the September Job Openings and Labor Turnover Survey on November 3 at 10:00 U.S. Eastern time; November 5 at 08:30 is scheduled for preliminary third-quarter productivity and costs; November 6 at 08:30 is scheduled for the October employment report. The U.S. Eastern time zone switched to standard time on November 1, corresponding to Beijing time November 3 at 23:00, November 5 at 21:30, and November 6 at 21:30, respectively. The U.S. Bureau of Economic Analysis also lists September international trade data for November 4 at 08:30, corresponding to Beijing time November 4 at 21:30. Schedules may change, and official pages must be checked again before data release.

Today's focus is to establish the same timeline for these windows: record your platform's quote time and time zone, spread, gold direction, and changes in the dollar and yields. The data have not yet been released, so results cannot be written in advance or trading direction set based on imagination. If opening liquidity is insufficient or quotes cannot be verified, maintain observation; slippage and gap risk in leveraged trading may significantly exceed judgment of short-term direction. This article is for market research only, does not constitute trading advice, and does not guarantee returns.