A packed week starts on Monday 2 November. Americans vote in midterm elections on Tuesday, the US jobs report comes out on Friday at 16:30 Mecca time, and the central banks of Australia and the UK are expected to raise rates. Gold starts the week at $3,875.05 on our MT5 feed after falling −3.63% on Friday, and Brent at $116.80 as the Strait of Hormuz stays contested. One practical change: US clocks went back an hour on Sunday, so New York now opens at 17:30 Mecca time.
The week day by day (Mecca time)
Times are Mecca time (UTC+3). Previous figures and forecasts are the ones published before the week began:
US ISM manufacturing index at 18:00 (previous 54.5). After the US close, results from Apple and Palantir.
Reserve Bank of Australia at 06:30: a rise from 4.60% to 4.85% is widely expected. US job openings (JOLTS) at 18:00. US midterm elections all day; the first polls close at 02:00 on Wednesday. After the close, results from AMD, Super Micro and Arista.
Sweden's central bank at 11:30. US private payrolls (ADP) at 16:15 (previous +90,000) and the ISM services index at 18:00 (previous 54.9). Brazil's central bank decides on its 13.75% Selic rate; most economists expect no change. After the close, results from Qualcomm, Arm and AppLovin.
Norway's central bank at 12:00. Bank of England at 15:00: a rise from 3.75% to 4.00%, its first since 2023, is widely expected. US weekly jobless claims at 16:30 (previous 194,000, forecast 197,000).
US jobs report for October at 16:30: most forecasts are between +55,000 and +65,000 jobs after +29,000 in September, with unemployment at 4.2% and wages up 0.3% on the month.
New trading hours from Monday
US clocks went back one hour on Sunday 1 November. From Monday the New York stock market opens at 17:30 and closes at 00:00 Mecca time, one hour later than last week, and US data released at 8:30 New York time now come out at 16:30 Mecca time. Election day on Tuesday is a normal trading day.
Gold after Friday's drop
Gold fell −3.63% on Friday 30 October and starts the week at $3,875.05 on our MT5 feed. Analysts point to three causes: bets on a US rate hike in December, with the 10-year Treasury yield near 4.9%; selling to raise cash and meet margin calls during the AI and tech sell-off; and higher oil prices after the Hormuz attacks, which feed inflation and so add to hike bets. For now the war is weighing on gold rather than supporting it, and the dollar was not the main driver.
For gold, the jobs report is this week's key test: a strong number would firm up hike bets and a weak one would ease them. Live price and chart: gold on TNFX.
The Fed: markets lean towards a December hike
The Federal Reserve held its rate at 3.75–4.00% on 28 October in a 10–2 vote; Lisa Cook and Beth Hammack voted for a hike. Markets now put the chance of a hike at the next decision, at 22:00 Mecca time on 9 December, at about 70–75%, down from 80–87% straight after the meeting as Friday's tech sell-off cooled expectations. The dollar index moved +0.22% over the last five days. Friday's jobs report and the inflation data that follow will shape the decision.
Oil and the Strait of Hormuz
Brent starts the week at $116.80 on our feed (+0.82% over five days). The Strait of Hormuz remains restricted and contested: Iran says it is closed to ships that do not coordinate with its forces, while the US says the main routes are clear and is blockading Iranian ports. On Saturday Iran's top security official said Tehran had read a letter from US Vice President JD Vance but had not replied, and called the change in the US tone "a good sign"; Secretary of State Marco Rubio said President Trump "hasn't made a decision" on new strikes. Full background: the Hormuz tanker attacks.
Seven core OPEC+ members were due to meet online on Sunday 1 November, and delegates expected them to keep December output targets unchanged.
The US election
Tuesday's midterms decide all 435 House seats and 35 Senate seats. Polls give Democrats a national lead of about 8 to 10 points; the House is widely seen as likely to switch to them, and the Senate is closer. The first polls close at 02:00 Mecca time on Wednesday, but control may take days to confirm. Our full guide: what the midterms could mean for the dollar, gold and stocks.
Crypto: Binance after the hack
Binance began reopening withdrawals in phases on Sunday 1 November, starting with the Bitcoin network. The FBI said a North Korean group it calls TraderTraitor was responsible for the theft of "more than $6 billion" from the exchange. Binance's co-CEO says about 95% of the stolen coins have been replaced, and a full proof of reserves is expected by Tuesday 3 November. Bitcoin is at $77,789.86 on our feed (+0.44% in 24 hours). Background: the Binance hack.
What to watch
- Wednesday from 02:00: early US election results.
- Thursday 15:00: the Bank of England decision.
- Friday 16:30: the US jobs report, the week's biggest event for gold, the dollar and indices.
- All week: news on talks between Iran and the US, and on shipping through Hormuz.
Trade the week on MT5
Open a real account in two minutes, or practise first on a free demo account with virtual money.
Common questions
When is the US jobs report (NFP) in November 2026?
Friday 6 November at 16:30 Mecca time (13:30 UTC). Most forecasts are between +55,000 and +65,000 jobs after +29,000 in September, with unemployment expected at 4.2%.
What time does the US stock market open now in Mecca time?
From Monday 2 November it opens at 17:30 and closes at 00:00 Mecca time, because US clocks went back one hour on 1 November.
Will the Fed raise interest rates in December 2026?
It is not decided. The Fed held at 3.75–4.00% on 28 October, and markets price about a 70–75% chance of a hike on 9 December. The jobs report and inflation data will shape the decision.
Why did gold fall on Friday 30 October?
Analysts cite bets on a US rate hike in December, with Treasury yields near 4.9%, selling to raise cash during the tech sell-off, and higher oil prices after the Hormuz attacks, which raise inflation and hike expectations.
Will the Bank of England raise rates this week?
A rise from 3.75% to 4.00% is widely expected on Thursday 5 November at 15:00 Mecca time. It would be the bank's first hike since 2023.
When will the US election results be known?
The first polls close at 02:00 Mecca time on Wednesday 4 November. Early trends appear between 03:00 and 05:00, but close races can take days to call.