Gold rises over 2% from one-year low on softer oil prices; US midterms in focus
GLD•GLD•GLD•GLD•Gold rose 2.1% to $3,957.19 an ounce on Monday, rebounding from a one-year low as oil prices fell more than 6% and investors awaited US midterm elections.
Spot gold rose 2.1% to $3,957.19 per ounce, after falling 3.6% on Friday to its lowest since October 2025. US gold futures for December delivery gained 1.77% to $3,967.40 per ounce.
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. Zaner Metals strategist Peter Grant said weaker oil prices eased inflation concerns, while traders still expected a December Federal Reserve rate hike; the probability was 77%, down from 80% a week earlier.
Investors were focused on the US midterm elections and their potential effects on fiscal policy, geopolitics and market sentiment. Silver gained 3.7% to $50.91 an ounce after falling below $50 on Friday, while platinum rose 1.9% and palladium was steady.
