Gold rises over 2% from one-year low on softer oil prices; US midterms in focus
Gold prices rose more than 2% on Monday, rebounding from a one-year low hit in the previous session, supported by a retreat in oil prices that tempered inflation worries, while investors awaited US midterm elections later this week. Spot gold rose 2.1% to $3,957.19 per ounce at 1049 a.m. ET (1411 GMT), having ended 3.6% lower and hit its lowest since October 2025 on Friday. US gold futures for…
Gold prices surged over 2% on Monday, recovering from a one-year low reached earlier in the week, as falling oil prices eased inflation concerns. Spot gold climbed 2.1% to $3,957.19 per ounce at 10:49 a.m. ET (14:11 GMT), after sinking 3.6% and hitting its lowest point since October 2025 on Friday. US gold futures for December delivery increased 1.77% to $3,967.40 per ounce.
Oil prices plummeted over 6% on Monday, following Iran and Qatar's third day of talks to end the US-Israeli conflict. Peter Grant, vice president and senior metals strategist at Zaner Metals, explained that weaker oil prices had alleviated some inflation worries, while the dollar provided a slight boost to gold. The probability of a US rate hike in December dropped from 80% a week ago to 77%, according to CME Group’s FedWatch Tool.
Silver prices rose 3.7% to $50.91 per ounce, breaking below the $50 mark for the first time since late November 2025. Platinum increased 1.9% to $1,457.96, while palladium held steady at $976.13, following earlier gains from their lowest levels in 13 and 17 months, respectively.
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