Gold Prices Plummet This Morning: Are We Ready to Face Critical Levels?

Gold and silver prices are anticipated to remain range-bound amid investor caution as they assess developments in US-Iran peace negotiations and the release of global economic data. According to Refinitiv, gold prices plunged immediately today. On Monday (11/5/2026), gold stood at US$4,695.26 per troy ounce. This contrasts sharply with the end of last week. On the last trading day last week, Friday (8/5/2026), gold closed at US$4,714.42 per troy ounce, up 0.62%. This closing price was the highest since 22 April 2026, over two weeks ago. Over the week, gold rose 2.18%, ending a two-week downward trend. Silver prices weakened today. On Monday (11/5/2026), silver stood at US$29.26 per troy ounce. Silver surged last week, soaring 10.46% with four consecutive days of gains from Tuesday to Thursday. Gold prices are projected to fluctuate between support at US$4,493 and resistance at US$4,894 this week. Market attention this week is on inflation data from China, Germany, and the United States, as well as the meeting between Chinese President Xi Jinping and US President Donald Trump. Geopolitical conflict developments and dollar movements will also be key drivers for gold. The dollar index has weakened significantly to 97.9, its lowest since late February 2026. A weakening dollar benefits gold, as gold purchases are denominated in US dollars.