Gold edges higher as cheaper oil eases inflation worries
Spot gold rose 0.3% to $3,960.80 an ounce after a sharp oil drop eased inflation concerns, while investors await the US midterm election results, Reuters reports.
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what happened
Spot gold climbed 0.3% to $3,960.80 an ounce by 00:32 GMT and extended its rebound from a one-year low hit on Friday, Reuters reported. The metal had jumped more than 2% in the previous session as a steep fall in oil prices eased inflation worries.
Oil fell over 7% on Monday after Tehran said contacts with Washington to end the eight-month war were continuing, although talks with Qatari mediators produced no breakthrough.
why it matters
Market participants are waiting for the US midterm elections as a guide to the fiscal policy outlook. CME FedWatch data shows traders put a 73% chance on a Federal Reserve rate hike in December. Higher rates raise the cost of holding non-yielding bullion and limit its appeal, while economists polled by Reuters expect the Bank of England to lift its rate to 4.0% from 3.75% on Thursday.
market impact
Gold: cheaper oil eases inflation fears, but higher Fed rate odds weigh on the metal
- Gold mixed — cheaper oil eases inflation fears, but higher Fed rate odds weigh on the metal
tags
instruments
sources
- Gold edges higher on softer oil; US midterm elections in focus — Reuters, 3 November 2026 at 01:02 UTC
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