Gold rises over 2% from one-year low on softer oil prices; US midterms in focus
GLD•GLD•GLD•GLD•Spot gold rose 2.1% to $3,954.41 an ounce on Monday, rebounding from a one-year low as oil prices fell about 8% and eased inflation concerns. Investors awaited US midterm elections.
Spot gold rose 2.1% to $3,954.41 per ounce at 1:49 p.m. ET on Monday, after falling 3.6% on Friday to its lowest level since October 2025. US gold futures for December delivery settled 1.8% higher at $3,969.60 per ounce.
Oil prices fell about 8% 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 saw a 77% chance of a US rate hike in December, down from 80% a week earlier.
Investors were watching the November 3 US midterm elections for potential effects on fiscal policy, geopolitics and market sentiment. Spot silver rose 3.1% to $50.64 an ounce after falling below $50 on Friday; platinum gained 1.3%, while palladium fell 1.1%.
