Gold rebounds from one-year low as oil slides ahead of US midterms
GLD•Spot gold rose 0.7% to $3,902.03 an ounce on Monday after hitting a one-year low on Friday, as oil fell more than 4%. Investors focused on the November 3 US midterm elections and their potential impact on fiscal policy and markets.
1. Gold rebounds
Spot gold rose 0.7% to $3,902.03 per ounce by 1239 GMT, recovering from a one-year low. US gold futures for December delivery gained 0.3% to $3,911.50 per ounce.
2. Oil and market focus
Oil fell more than 4% as talks between Iranian and Qatari officials raised hopes of a deal to end the US-Israeli war with Iran and ease supply disruptions. Lower oil prices can reduce inflationary pressures and expectations that interest rates will stay higher for longer. Investors were also watching the November 3 US midterm elections for potential effects on fiscal policy, geopolitics and broader market sentiment.
3. Other metals
Silver rose 2% to $50.08 after falling below $50 for the first time since late November 2025 in the previous session. Platinum fell 0.2% to $1,428.45, while palladium dropped 0.8% to $968.59.
