Forex news today centres on gold and the Australian dollar: gold traded near $3,910 in early London trade on Tuesday, about 0.9% lower on the day and close to its lowest level since October 2025, after the Reserve Bank of Australia raised its cash rate to 4.85%. On Monday the metal had tried to hold the $3,900 area, rising about 0.7% to $3,900.90 by 04:40 UK time according to CNBC, while markets priced a possible Fed rate rise in December.
This note covers why gold fell, what Fed pricing and oil now say, what the RBA decided overnight, and the UK times (with ET in brackets) for the rest of a busy week. The free Forexuro Telegram channel posts gold levels on trading days.
Free on Telegram. Follow gold levels after the year low, with entry, stop and three targets, on the Forexuro channel.
Why gold broke lower on Friday
Friday's fall took gold to near $3,870 on FXStreet figures, a one year low, as the dollar firmed and Treasury yields stayed high. The US 10 year yield closed Friday near 4.93%. For a metal that pays no interest, higher yields raise the cost of holding it, and a firmer dollar makes it dearer for buyers outside the US.
Our guide on what moves the gold price explains the yield and dollar link in more detail. For live markers use gold today and gold price today.
Fed hike odds and the dollar
CNBC reported that three Fed officials argued for further rate rises, and CME FedWatch showed odds near 73% for a December hike. That is the main weight on gold. The dollar index itself stayed a little below 102 on Monday, so the pressure came more from rate expectations than from a broad dollar surge.
US payrolls for October land on Friday 6 November at 13:30 UK time (8:30am ET). A strong report would support the hike case; a soft one would give gold room to recover. US readers can follow the same times on forex signals for the US, and the non farm payrolls page keeps the history.
Oil, Iran talks and inflation
Oil fell more than 3% on Monday on reports of Iran talks in Doha, CNBC said. Cheaper energy can cool inflation expectations, which in theory softens the case for more Fed hikes and helps gold. In practice the gold market reacted more to Fed speakers than to oil on Monday, so watch whether the oil drop holds through the week.
The RBA decision overnight
The Reserve Bank of Australia raised its cash rate target by 25 basis points to 4.85% at 03:30 UK time on Tuesday (10:30pm ET on Monday), effective 4 November. It was the fifth rise of 2026, and ABC News said the cash rate is now the highest in 18 years. The vote was 6 to 3, with three members voting to hold at 4.60%. The RBA said inflation is now not expected to reach the top of its 2 to 3% target range until late 2027, about three quarters later than it forecast before.
Going in, Newsquawk said markets priced about 81% for the move, and thirty one of thirty two economists polled by Reuters expected a rise.
AUD/USD traded near 0.6984 in early London trade on Tuesday, about 0.2% below Monday's close near 0.6998, so the rise had largely been priced before the meeting. The full history sits on the RBA rate decision page, and our RBA November 2026 preview set out the scenarios.
Forex news today: the rest of the week in UK time
| Event | UK time | ET |
|---|---|---|
| US midterm elections, results overnight | Tue 3 Nov, evening | Tue 3 Nov, afternoon |
| Euro area flash inflation | Wed 4 Nov, 10:00 | Wed 4 Nov, 5:00am |
| Bank of England decision and report | Thu 5 Nov, 12:00 | Thu 5 Nov, 7:00am |
| US payrolls for October | Fri 6 Nov, 13:30 | Fri 6 Nov, 8:30am |
UK clocks changed on 25 October and US clocks on 1 November, so New York is 5 hours behind London again. All releases are on the economic calendar, and the news page collects our daily notes.
A recent gold signal from our record
On Thursday 29 October Forexuro posted a XAU/USD sell at 4021 with a stop at 4071, $50 from entry. The first two targets were 4016 and 3999, and the third target at 3971 was hit, a $50 move recorded as +500 pips. That trade came during the slide that ended at Friday's low. Every closed trade is on the XAU/USD signal results page, wins and losses included.
Before you trade gold around a low, size the position first. Our gold pip value calculator and position sizing for gold guide turn a $50 stop into lots.
How Forexuro covers gold this week
The free Forexuro Telegram channel posts free signals every trading day between about 05:00 and 15:00 UK time, each with entry, stop and three targets. VIP is £99 a month or £549 one time for more signals and live management. Trading carries risk, and past results are not a reliable guide to future results.
Official sources
Official pages for the decisions, data and schedules behind this report.
- Reserve Bank of Australia media release 2026-30, decision and statement
- Bank of England MPC dates, decision timetable
- US Bureau of Labor Statistics, payrolls schedule
Frequently asked questions
What did the RBA decide on 3 November 2026?
It raised the cash rate target by 25 basis points to 4.85%, effective 4 November, by a 6 to 3 vote.
How low did gold fall on Friday?
Near $3,870 an ounce, its lowest level since October 2025, after a drop of more than 3.5% on the day.
Why are Fed hike bets bad for gold?
Higher US rates raise the yield investors give up by holding gold and tend to support the dollar, which both weigh on the metal.
When is the Bank of England decision this week?
Thursday 5 November at 12:00 UK time, which is 7:00am ET, with the quarterly Monetary Policy Report.
When are US payrolls?
Friday 6 November at 13:30 UK time, which is 8:30am ET.
Sources
- CNBC market reports
- FXStreet gold coverage
- Newsquawk RBA preview
- ABC News RBA coverage
- Data for the charts: XAU/USD hourly spot prices from Coinbase as stored on Forexuro; RBA cash rate decisions from the Reserve Bank of Australia as recorded on the Forexuro RBA rate decision page.
Keep reading
What moves the gold price · Position sizing for gold · RBA rate decision · Gold forecast