Gold rebounds from one-year low as oil slides ahead of US midterms
GLD•Spot gold rose 0.7% to $3,900.14 an ounce on Monday after hitting its lowest level since October 2025 on Friday. Oil fell more than 3% as investors focused on US midterm elections and talks aimed at ending the war on Iran.
1. Gold prices rebound
Spot gold rose 0.7% to $3,900.14 per ounce by 0940 GMT on Monday, after ending 3.6% lower on Friday and reaching its lowest level since October 2025. US gold futures for December delivery gained 0.3% to $3,909.20. Analysts said a technology and AI stock selloff had prompted investors to sell gold to cover losses elsewhere.
2. Oil and elections in focus
Oil prices fell more than 3% on Monday after Iranian and Qatari officials held a third straight day of talks aimed at reaching a deal to end the US-Israeli war on Iran. Lower oil prices can ease inflation concerns and reduce expectations that interest rates will stay higher for longer, lowering the opportunity cost of holding bullion. Investors are also watching the November 3 US midterm elections for potential effects on fiscal policy and market sentiment. Silver gained 2.5% to $50.35 an ounce after falling below $50 on Friday for the first time in 11 months.
