Gold rises on softer oil; markets parse Fed signals

SENSEX 75,266.64

+ 807.11

NIFTY 23,291.45

+ 238.35

CRUDEOIL 9,560.00

 -377.00

GOLD 138,815.00

+ 330.00

SILVER 182,376.00

+ 3,244.00

SENSEX 75,266.64

+ 807.11

NIFTY 23,291.45

+ 238.35

NIFTY 23,291.45

+ 238.35

CRUDEOIL 9,560.00

 -377.00

CRUDEOIL 9,560.00

 -377.00

GOLD 138,815.00

+ 330.00

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Spot gold rose 0.9% to $3,907.94 per ounce ‌by 0633 GMT, after hitting a one-year low in the previous session

By Reuters

Updated - November 02, 2026 at 01:10 PM. Highlights

• Gold below key $4,000/oz level
• Iranian, Qatari officials met in Doha on Sunday
• US midterm elections on Tuesday

Gold prices ‌bounced on Monday, after a selloff in the previous ​session, as weaker oil prices tempered inflation concerns, while ⁠investors assessed comments from the Federal Reserve for clues on the path of US interest rates.

Spot gold rose 0.9 per cent to $3,907.94 per ounce ‌by 0633 GMT, after hitting a one-year low in the previous session. US gold futures for December delivery ‌gained 0.5 per cent to $3,916.70.

Bullion slumped 3.5 per cent to its lowest ‌since ⁠October 2025 on Friday, falling below its key $4,000 per ⁠ounce level amid a selloff in technology stocks that led to margin calls, and the forced sale of safe-haven assets such as gold.

"We're just getting ​a bounce after the ‌selloff, along with oil prices coming off to start the week, which is providing a little bit of a relief for precious metals generally," said Kyle Rodda, senior financial market ‌analyst at Capital.com.

Oil prices fell more than 3 per cent ​after Reuters reported that Iranian negotiators were in Doha on Sunday for a third consecutive day of ⁠talks with Qatari mediators aimed at pushing for a deal to end the US-Israeli war on Iran.

Elevated energy prices often raise ‌the expectation that the Fed will keep interest rates higher for longer, increasing the opportunity cost of holding non-yielding bullion.

Investors are now focusing on the November 3 US midterm elections and their potential impact on fiscal policy and broader market sentiment.

Meanwhile, a trio of Fed officials made the case on ‌Friday for more interest rate increases to combat high levels of inflation, in ​the first round of commentary made by central bankers after last week's monetary policy meetingat which policymakers ⁠left short-term borrowing costs steady.

"Gold faces a difficult near-term environment in ⁠which technical selling and liquidity concerns are overshadowing its longer-term investment appeal," said Ole Hansen, head of commodity strategy ‌at Saxo Bank, in a note.

Spot silver climbed 2.2 per cent to $50.16 per ounce, platinum gained 0.3 per cent to $1,435.34 and palladium rose ​0.9 per cent to $984.79.

Published on November 2, 2026

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