Madhur Kakkar, Founder & CEO, Elevate Financial Services
Global markets enter the week with investors weighing the outlook for US policy, economic resilience and corporate performance. For UAE investors, developments across these areas will offer important context for precious metals, currency movements and broader market sentiment.
US Midterms
The US midterms on 3 November will determine control of Congress, shaping President Trump’s ability to advance tax, spending and regulatory policies.
Markets will watch for shifts in fiscal spending and AI oversight, with potential repercussions for US equities, Treasury yields, the dollar and gold.
UAE perspective: US midterms, jobs and AI earnings drive the week
US midterm elections on Tuesday and Friday’s employment report are the week’s dominant catalysts, alongside Apple, Palantir, AMD and Qualcomm earnings. For UAE readers, the central question is whether political uncertainty and softer employment could support precious metals, or whether stronger activity and wages could lift yields and the dollar, limiting a recovery in bullion.
UAE Focus: Gold, Silver & Regional Catalysts
Gold:
Early Monday indications placed spot gold around $3,903/oz, as it recovered from Friday’s sharp decline. Election uncertainty, Treasury yields and Friday’s employment data are the decisive tests. Softer hiring could support the recovery; stronger wages could put renewed pressure on interest-rate expectations. These are scenarios, not directional forecasts.
Silver:
Early Monday indications placed silver at approximately $49.85/oz. Alongside interest rates and the dollar, manufacturing and services data will help assess the growth backdrop for this precious industrial metal.
For the UAE, the focus is whether the bullion correction translates into increased buying at jewelry counters and bullion dealers. A pickup in jewellery purchases would signal improved affordability, while stronger demand for bars and coins would suggest investors are using the decline to build exposure. The key regional indicator is the strength of that buying response and whether lower prices are translating into actual demand.
Key Earnings Calendar – Priority US-Market Catalysts
| Date | Priority companies | Immediate focus |
| Tue, 3 Nov | AMD, Arista Networks, Super Micro, Shopify, Pfizer, Booking Holdings | AI-chip and networking demand, margins and returns on investment; e-commerce, travel bookings and pharmaceutical guidance. |
| Wed, 4 Nov | Qualcomm, Arm, Uber, McDonald’s | Smartphone and AI-chip demand, cloud growth, digital advertising, mobility and consumer spending. |
| Thu, 5 Nov | Airbnb, Cloudflare, Atlassian | Travel bookings and pricing; cloud/security demand and enterprise software guidance. |
| Fri, 6 Nov | Moderna, Humana | Vaccine outlook and medical-cost trends, alongside payrolls as a key healthcare-sector catalyst. |
Economic & Policy Calendar (2nd – 6th November)
| Date | Key Events | Why US markets should care |
| Tue, 3 Nov | US midterm elections; September JOLTS; factory orders; | Congressional control shapes fiscal and regulatory policy. Job openings test labor demand. |
| Wed, 4 Nov | ADP employment; ISM Services; Treasury quarterly refunding; trade balance; eurozone flash inflation | Services prices and hiring inform the Fed outlook. Treasury issuance plans could move bond yields, technology valuations, the dollar and gold. |
| Thu, 5 Nov | Initial jobless claims; Q3 productivity/unit labor costs; Bank of England decision and forecasts | Claims and labor costs provide important checks before payrolls; UK policy can spill into global bonds and currencies. |
| Fri, 6 Nov | October payrolls, unemployment and wages; preliminary Michigan sentiment/inflation expectations; Fed speakers | The week’s main rates catalyst. Payrolls arrive at 5:30pm UAE time; sentiment at 7pm. Watch wages and revisions, alongside the headline job growth figure. |
