Gold market briefing archive

What is moving the Gold market? Find all past market briefings and analyses here – updated several times a day, with context based on current media reports.

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Market analysis

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Tue, 03/11/2026, 07:27

Reports: US strike on Iran's Qeshm Island and rate worries weigh on gold before vote

Live

Overnight, the Wall Street Journal reported a US strike on Iran's Qeshm Island. Oil is firming again, and gold is giving back part of Monday's rebound, according to Reuters.

GeopoliticsOvernight

Oil worries return

The island sits on the Strait of Hormuz, a main route for oil shipments. Pricier oil is fuelling inflation concerns, Reuters reports.

Interest ratesThis morning

December rate hike expected

According to CME FedWatch, traders see a 73% chance that the US Federal Reserve raises rates in December. Rising rates tend to dampen short-term demand for gold, which pays no interest.

StocksAsia, this morning

Tech shares under pressure

South Korea's Kospi index fell almost 4%, Bloomberg reports. Some investors are selling gold to offset stock losses, according to Investing.com.

In the background: central banks bought 321 tonnes of gold in the third quarter, up 42%, according to the World Gold Council.

Sources:ReutersWall Street JournalBloombergInvesting.comWorld Gold CouncilDow Jones Newswires

Market briefing

Mon, 02/11/2026, 23:08

Gold market awaits US midterms after oil slide sparked Monday's rebound

MARKET STATUS

Gold is trading quietly overnight into Tuesday — the market is waiting for today's US midterm elections and Friday's jobs report.

OIL & GEOPOLITICSMONDAY

Oil slides, gold recovers

According to Reuters, oil fell about 8 % on Monday as Iran and Qatar held talks on ending the war. That eased inflation worries and supported gold.

US ELECTIONSTODAY

Americans elect a new Congress

First results are expected overnight into Wednesday. Investors are watching the impact on government spending and geopolitics, Reuters reports.

INTEREST RATESTHIS WEEK

A Fed rate hike remains the favourite

Traders see a 77 % chance of a December rate hike, according to CME FedWatch (a week ago: 80 %). Higher rates make non-yielding gold less sought after in the short term.

WHAT ANALYSTS EXPECT

COMMERZBANK · LATE OCTOBERExpects precious metals to recover after Friday's forced selling (sales to cover stock-market losses).
JULIUS BAER · LONGER TERMUS deficits should persist whatever the election outcome — a longer-term support for gold.

Central banks bought 289 tonnes of gold in the second quarter, a record for a second quarter, according to the World Gold Council.

Sources:ReutersCME FedWatchBloombergWorld Gold CouncilFederal Reserve Bank of Cleveland

Market analysis

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Mon, 02/11/2026, 21:07

Reports: Oil slide on Iran talks gives gold a strong lift

Live

Since early today, oil has fallen by around 8%, according to Reuters, as Iran and Qatar hold a third straight day of talks on ending the war. Gold is rebounding strongly.

OilSince this morning

Cheaper oil eases inflation worries

Lower energy costs slow price increases – and, according to Reuters, ease fears that interest rates will stay high for longer.

RatesToday

December rate hike looks less certain

According to CME FedWatch, traders put the chance of a US Federal Reserve rate hike at 77%, down from 80% a week ago. Gold pays no interest – less rate pressure helps.

SentimentSince Friday

Buyers are returning

On Friday, investors sold gold to cover losses in technology stocks. Today, bargain hunters are back, Investing.com reports.

Ahead of tomorrow's US midterm elections, Julius Baer analyst Carsten Menke told Reuters that US deficits should persist whatever the outcome – a longer-term support for gold.

Sources:ReutersCNBCThe Wall Street JournalInvesting.comCME Group

Market analysis

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Mon, 02/11/2026, 14:57

Reports: Iran peace-talk signal sends oil lower as gold extends its rebound

Live

Around 14:45 CET today, Iranian President Pezeshkian reportedly said the government has been granted more room for peace talks. Oil is sliding sharply and gold is extending its rebound to around +1.8%.

GeopoliticsToday 14:45 CET

Tehran signals readiness to talk

According to Reuters, Iran has spent three days in talks with Qatari mediators on ending the war; a draft proposal is circulating.

OilSince this morning

Cheaper oil eases rate worries

Brent crude is down around 6%, Reuters reports. Less inflation pressure argues against further rate hikes by the US Federal Reserve – supportive for gold, which pays no interest.

ReboundAfter Friday

Buyers return

On Friday, investors sold gold to cover losses in technology stocks, according to Reuters. Today analysts describe a counter-move after that pullback.

Context: analysts say central bank demand tends to pick up at lower prices (Reuters); Commerzbank already expected a recovery in precious metals on Friday.

Sources:ReutersCNBCinvestingLiveCME FedWatch

Market analysis

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Mon, 02/11/2026, 13:47

Reports: Iran talks push oil lower – gold rebounds from one-year low

Live

Since overnight, oil has fallen by more than 4%, according to Reuters, as Iran and Qatar hold a third straight day of talks on ending the war. Gold is rebounding from its one-year low in response.

OilSince overnight

Cheaper oil eases rate worries

Less inflation pressure means less reason for further rate hikes by the US Federal Reserve – a support for gold, which pays no interest itself.

SentimentSince Friday

Recovery after stock-market turmoil

Losses in AI and tech shares had forced investors to sell gold to cover losses elsewhere, Reuters reports. That pressure is easing today.

CurrencyThis morning

Dollar slips to one-month low

According to the Wall Street Journal, the US dollar is at its weakest in a month. That makes gold cheaper for buyers outside the US.

Context: Bank OCBC remains constructive on gold over the medium term, FXStreet reports – in its view, inflows into gold funds and central-bank buying support a recovery into 2027.

Sources:ReutersWall Street JournalCNBCDow JonesFXStreetTrading Economics

Market briefing

Mon, 02/11/2026, 06:28

Gold edges higher as markets look to US midterms and Friday's jobs report

Market update

Gold is edging higher this morning after Friday's sharp pullback — markets are waiting for Tuesday's US midterm elections and Friday's jobs report.

OilThis morning

Iran talks pull oil prices lower

According to Reuters, oil fell more than 3% at the start of the week as Iran negotiates an end to the war in Doha. Cheaper oil eases inflation worries — a support for gold.

Interest ratesSince Friday

US Federal Reserve officials signal further rate hikes

Three Fed officials argued for higher interest rates on Friday, Reuters reports. Markets see a December hike at around 73% (CME FedWatch). When rates rise, savings products pay more — and gold pays no interest.

US politicsThis week

Congressional elections on Tuesday

According to The Wall Street Journal, Democrats are seen as favorites to win the House. Bloomberg points to President Trump's threats to resume strikes on Iran after the vote — a source of uncertainty.

What analysts expect

CommerzbankShort term
Sees forced selling (sales to cover stock-market losses) behind Friday's pullback and expects precious metals to recover.
Reuters poll2027 outlook
Analysts cut their 2026 forecasts but expect all precious metals to recover in 2027.

According to Reuters, analysts note that central bank demand tends to pick up when prices are lower.

Sources:ReutersBloombergThe Wall Street JournalCME GroupU.S. Bureau of Labor StatisticsFederal Reserve

Market briefing

Sat, 31/10/2026, 08:28

Gold's week: rate worries and tech losses, eyes on US vote and jobs data

Week in review

Gold ended the week 2.65% lower: rate worries after the Fed meeting and Friday's losses in technology stocks set the tone.

Interest ratesWed & Thu

Fed holds, inflation heats up

The US Federal Reserve left rates unchanged on Wednesday; on Thursday, US inflation rose to 3.6%, Reuters reports. According to CME FedWatch, markets put the chance of a December rate hike at around 85%.

Stock marketsOn Friday

Tech losses drag gold along

Doubts over the payoff of massive tech spending pushed the tech-heavy Nasdaq down 2.9%, per Reuters. Commerzbank points to forced selling: investors also sold gold to cover losses elsewhere.

Oil & Middle EastMidweek

Pricey oil fuels rate worries

An attack on a Saudi refinery lifted oil prices on Wednesday, Reuters reports. Higher energy costs keep inflation and interest rates high — a headwind for gold, which pays no interest.

What analysts expect

Reuters pollAnalysts see gold in 2027 on average around 20% above current levels.
Standard CharteredExpects prices to consolidate and then recover over the coming months.

According to Reuters, analysts note that central banks tend to step up their purchases when gold prices are lower.

Sources:ReutersCNBCMarketWatchTrading EconomicsCME GroupWall Street Journal

Market briefing

Fri, 30/10/2026, 23:07

Gold week: rate worries and a tech slide weigh, focus turns to midterms and jobs data

Week in review

Gold recovered until Wednesday and then came under pressure. Rate worries and falling tech stocks left it about 2.7% lower on the week.

Interest ratesMidweek

US central bank pauses, rate worries remain

The US Federal Reserve left its key rate unchanged on Wednesday. Two members wanted to raise it. On Thursday, inflation (PCE price index) rose to 3.6%. Higher rates make gold less sought-after in the short term, because it pays no interest.

Stock marketOn Friday

Tech stock slide drags gold along

According to Reuters, investors doubt that big tech companies' heavy spending will pay off. Commerzbank points to forced selling: investors also sold gold to cover their stock market losses.

Oil & Middle EastAll week

Hormuz tensions push oil higher

Incidents involving tankers in the Strait of Hormuz drove oil prices up. That fuels inflation worries. It also adds to expectations that interest rates will stay high for longer.

What analysts expect

Reuters pollOn average, 30 analysts see gold about 20% above current levels in 2027.
CommerzbankExpects precious metals to recover after the forced selling.
Standard CharteredExpects prices to move sideways for a while in the coming months, then recover.

According to Reuters, central banks tend to buy more gold when prices are lower. Large funds slightly increased their bets on rising prices, according to the US regulator CFTC.

Sources:ReutersCNBCTrading EconomicsCME FedWatchCFTC

Market analysis

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Fri, 30/10/2026, 17:37

Reports: Tech-stock slide and pricier oil trigger a pullback in gold

Live

Since Wall Street opened at 14:30 CET, a slide in tech stocks has pulled gold lower too – to its lowest level in a year, according to Reuters.

Stock marketSince 14:30 CET

Gold used to cover stock-market losses

The tech-heavy Nasdaq is down 2.6%, Reuters reports. Commerzbank points to forced selling: investors are parting with gold to offset losses on shares.

GeopoliticsToday

Tanker attack in the Strait of Hormuz lifts oil

Oil is up more than 2%, according to the Wall Street Journal. Pricier energy fuels inflation worries – and with them expectations of higher interest rates.

Interest ratesSince yesterday 13:30 CET

US inflation keeps a December rate hike in play

US consumer prices (PCE index) rose 0.5% in September. Per CME FedWatch, markets see a roughly 74% chance of a US Federal Reserve hike in December – higher rates weigh on gold, which pays no interest.

Context Commerzbank expects precious metals to recover, Reuters reports; analysts note that central banks tend to buy more when prices are lower.

Sources:ReutersBloombergCNBCWall Street Journal

Market analysis

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Fri, 30/10/2026, 14:28

Reports: Hormuz tanker attack and rate-hike bets trigger a pullback in gold

Live

Overnight, explosive devices struck a tanker in the Strait of Hormuz. Oil is climbing and gold is down around 2.6% – at a four-month low, according to Reuters.

Oil & geopoliticsOvernight

Oil keeps climbing

According to Reuters, crude is heading for a fourth straight monthly gain. That fuels concerns about stubborn inflation.

Interest ratesSince yesterday 1:30 pm CET

A December rate hike moves closer

US inflation rose to 3.6% in September. CME FedWatch puts the odds of a December hike by the US Federal Reserve at around 75% – higher rates make gold, which pays no interest, less sought-after in the short term.

Equity marketsSince yesterday

Tech losses spill over to gold

After weak results from Alphabet and Amazon, some investors are selling gold to offset stock losses, Bloomberg reports.

According to Bloomberg, Chinese households are buying on dips; the Shanghai premium (the extra price paid in China over the world market) stands at +3.55%.

Sources:ReutersBloombergCNBCTrading EconomicsCME FedWatch

Market analysis

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Fri, 30/10/2026, 13:38

Reports: Hot US inflation and Hormuz tanker attack stoke rate fears, weigh on gold

Live

Gold is down around 2% today: strong US data from yesterday and a tanker attack in the Strait of Hormuz early this morning are fuelling rate worries, Reuters reports.

InflationYesterday 1:30 pm CET

US inflation picks up

The PCE price index (the US Federal Reserve's preferred inflation gauge) rose to 3.6% in September, while growth beat expectations at 3.4%.

RatesAs of today

December rate hike expected

According to CME FedWatch, markets put the odds at around 75%. When rates rise, savings pay more – and gold pays no interest.

OilEarly today

Tanker attack lifts oil

Oil is heading for a fourth straight monthly gain, Reuters reports – keeping inflation and rate pressure high.

Context: buyers in Shanghai are currently paying a premium of around 2.8% over the world market price (a sign of robust physical demand in Asia).

Sources:ReutersCME GroupYahoo FinanceFXStreetTrading Economics

Market analysis

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Fri, 30/10/2026, 07:58

Reports: Oil jump on Iran worries and hot US inflation trigger gold pullback

Live

Overnight, oil prices rose on reports of possible new US strikes on Iran. Gold is down around 1.3% from yesterday's close – according to Reuters, because markets are now betting more firmly on another US rate hike.

GeopoliticsOvernight

Iran worries push oil higher

According to the Wall Street Journal, President Trump was briefed yesterday evening on military options against Iran. Reuters also reports a tanker attack in the Strait of Hormuz. Pricier oil fuels inflation.

InflationYesterday 13:30 CET

US prices are rising faster

The PCE price index (the US Federal Reserve's preferred inflation gauge) climbed to 3.6% in September. CNBC adds that the US economy grew 3.4% (annualised) in the third quarter.

Interest ratesSince Wednesday

Markets expect a December rate hike

The Fed left rates unchanged on Wednesday. According to CME FedWatch, the odds of a December hike now stand at around 72%. When rates rise, savings pay more – and gold pays no interest.

In Shanghai, gold currently trades around 1.85% above the world market price (a sign of lively physical demand in Asia). The World Gold Council still expects strong central bank buying in 2026.

Sources:ReutersWall Street JournalCNBCCME GroupWorld Gold Council

Assessment based on current media reports