Gold rises over 1% from one-year low on softer oil prices; US midterms in focus
GLD•Gold rose 1.74% to $3,942.57 an ounce on Monday, rebounding from a one-year low as oil prices fell more than 6% and eased inflation concerns. Investors awaited the US midterm elections.
1. Gold rebounds
Spot gold gained 1.74% to $3,942.57 per ounce on Monday, after falling 3.6% on Friday to its lowest level since October 2025. US gold futures for December delivery rose 1.38% to $3,952.80.
2. Oil and rate outlook
Oil prices fell more than 6% after Iranian and Qatari officials held a third consecutive day of talks aimed at ending the US-Israeli war on Iran. Weaker crude prices eased inflation concerns and reduced expectations that US interest rates would stay higher for longer. Traders saw a 76.6% chance of a December rate hike, down from 80% a week earlier.
3. Other precious metals
Investors were also watching the November 3 US midterm elections for potential effects on fiscal policy, geopolitics and market sentiment. Spot silver rose 3.4% to $50.77 after falling below $50 for the first time since late November 2025; platinum gained 1.04%, while palladium fell 0.63%.
