Oil and gold slip as Middle East diplomacy and Fed rate outlook weigh on sentiment
Brent fell toward $114 a barrel as fresh Iran diplomacy eased strike fears, while gold declined after the Fed held rates steady and gave little guidance.
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what happened
According to TradingView, commodity markets traded lower on Thursday. Oil fell as traders weighed new diplomatic efforts aimed at preventing a renewed wave of US strikes on Iran. Brent dropped toward $114 a barrel after gaining more than 1% in the previous session, while West Texas Intermediate hovered near $102.
Gold also retreated after the Federal Reserve left rates unchanged and offered little clarity on its next move. Spot gold lost 0.3% to $4,053.90 an ounce and is on track for a second monthly decline, down 2.5% in October. Silver eased 0.2% to $53.86 an ounce. The FOMC voted 10-2 to hold rates, and Fed Chair Kevin Warsh said the number of rate decisions per year would likely fall from eight to six, a shift analysts said could add uncertainty.
The US dollar index, which tracks the currency against six peers, edged higher to 102.25.
why it matters
Two factors matter for markets now: a lower geopolitical premium in oil if talks hold, and uncertainty over a possible Fed rate hike before year-end, which weighs on gold. Analysts also link the reduced meeting schedule to less predictable policy.
market impact
Oil and gold: easing geopolitical premium and Fed rate uncertainty put pressure on prices
- Brent pressure down — lower risk of renewed strikes on Iran shrinks the geopolitical premium in the price
- Gold pressure down — uncertainty over the Fed's next move and a possible hike before year-end weighs on the metal
tags
instruments
sources
- Commodity Corner: Oil, gold slip as middle east diplomacy, Fed rate outlook weigh on sentiment — TradingView, 29 October 2026 at 02:16 UTC
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