Gold may have paused briefly, but it hasn’t stopped shining. On November 3, 2025, gold prices witnessed a mild dip, yet leading global research houses like Goldman Sachs suggest the yellow metal is far from done. According to fresh reports from Goldman Sachs and Angel One, the price correction could, in fact, be a golden opportunity for investors. Both firms believe gold is on track to touch record highs in 2026, driven by strong fundamentals and global monetary trends.
What Happened in the Market on November 3?
By 3:30 PM IST, gold futures for December delivery on MCX opened at ₹1,21,148 and traded around ₹1,21,284, down roughly $24 from the previous close.
In the international market, spot gold hovered near $3,968 per ounce, while U.S. gold futures were at $3,978.
Silver prices also edged down slightly to $48 per ounce, reflecting mild weakness in the broader bullion market.
Why Is Gold Falling?
Analysts have identified three key reasons behind the recent softness in prices:
- Strong U.S. Dollar:
The U.S. dollar index has climbed to a three-month high, making gold more expensive for foreign investors and thus dampening global demand. - Easing U.S.-China Tensions:
Trade cooperation between Washington and Beijing has improved recently, reducing the “safe-haven” demand that typically boosts gold prices during geopolitical uncertainty. - Hawkish Federal Reserve Stance:
The U.S. Federal Reserve’s policy rate remains between 3.75% and 4%, and the likelihood of a December rate cut has fallen to 71% (down from over 90%).
Fed Chair Jerome Powell’s latest hawkish comments added further pressure on gold.
Despite the Dip, Gold Is Still 2025’s Superstar Asset
Even with this correction, gold remains the best-performing asset of 2025 — delivering a 51% return, far outpacing equities and cryptocurrencies. In October, gold touched an all-time high of $4,381 per ounce, while in India, it jumped nearly 32% during FY2025.
On the technical side, gold’s uptrend since 2000 on COMEX remains firmly intact. After a breakout above $3,250, prices surged to $4,380, with the next long-term target projected at $6,000 per ounce.
In India, ₹1 lakh per 10 grams has now become a strong support level. Experts believe any correction between ₹96,000 and ₹1,00,000 could present a golden buying opportunity for long-term investors.
China’s Policy Shift Could Push Global Prices Higher
Adding to the global dynamics, China’s Finance Ministry on November 1 removed the VAT exemption on gold, meaning purchases from the Shanghai Gold Exchange — including bars, coins, and jewelry — will now attract tax.
This move could make gold 3–5% costlier in China, potentially softening local demand. However, analysts suggest it may tighten international supply and push global prices upward.
Indian markets, too, could witness a 3–5% price increase, reinforcing the bullish long-term outlook.
What the Big Reports Say — Goldman Sachs and Angel One
- Goldman Sachs Forecast:
The global investment bank expects gold to hit $4,000 per ounce by mid-2026, supported by rising central bank purchases, ETF inflows, and asset rotation out of U.S. equities.
The report emphasizes that sustained buying by central banks and investors could propel gold to fresh record highs. - Angel One’s Outlook:
The Indian brokerage projects gold to reach ₹1,00,000 per 10 grams by FY2026. Despite short-term corrections, Angel One maintains that the long-term trend remains decisively bullish.
Reviewing FY2025, the firm highlighted that gold delivered 32% returns, compared to just 5% from Nifty, underscoring gold’s continued status as a strategic hedge.
What Should Investors Do Now?
Both technical charts and institutional reports signal that gold will stay bullish through 2026.
- Global target: $4,000 per ounce
- Indian target: ₹1,00,000 per 10 grams
Short-term investors can consider accumulating in the ₹96,000–₹1,00,000 range, while long-term investors should adopt an SIP-style approach, gradually increasing their positions with proper risk management.
Key Takeaways
- The November 3 dip was driven by dollar strength and Fed policy, not a change in gold’s trend — it’s a buying opportunity, not a reason to panic.
- Gold remains 2025’s best-performing asset, up 51%, far ahead of equities and Bitcoin.
- Both Goldman Sachs and Angel One predict a strong bullish phase for 2026, making the coming year potentially golden for investors.
The Bottom Line
Gold may have paused, but it hasn’t lost its crown. The November 3 decline looks like a brief break in a powerful long-term rally. With global demand dynamics, central bank buying, and inflationary pressures all in play, 2026 could once again belong to gold.
Disclaimer:
This article is for informational purposes only and reflects expert and institutional analysis. It should not be treated as investment advice. Investors should consult their financial advisors before making any investment decisions in gold, silver, or other asset classes.
