Gold Futures Hit 2026 Low as Prices Drop Below $3,920

Gold futures closed Friday at $3,898.90, marking a new low for 2026 and falling below a key target of $3,920. Analyst Przemyslaw K. Radomski suggests the price could continue to decline toward a target of $3,500 without significant consolidation, citing the influence of margin calls, trend-following funds, and stop-loss orders.

A brief rebound occurred on November 2, driven by a weaker U.S. dollar and falling crude oil prices. The decline in oil followed reports that President Donald Trump informed Prime Minister Benjamin Netanyahu of his intention to allow more time for diplomacy with Iran before considering new strikes.

Market pressure on gold remains high as investors look toward the upcoming U.S. midterm elections and Friday's jobs report. These events, alongside hawkish signals from the Federal Reserve System regarding a potential December rate hike, are expected to influence Treasury yields and the U.S. dollar.