Gold holds near $4,130 as oil retreat eases inflation concerns Roushni Nair Mon, November 9, 2026 at 8:42 PM EST 2 min read GC=F +0.17% CL=F -0.92% SI=F +0.64% PL=F +0.95% PA=F +1.57% Investing.com -- Gold prices held near $4,130 an ounce on Tuesday after a strong rally, as falling oil prices and hopes of progress in U.S.-Iran peace negotiations eased inflation concerns, although expectations of further Federal Reserve tightening continued to limit bullion's upside.
At 19:48 ET (00:48 GMT), spot gold fell 0.4% to $4,126.72 an ounce, while U.S. gold futures gained 0.5% to $4,135.95. Silver slipped 0.4% to $53.2100 an ounce, while platinum declined 0.4% to $1,573.36. Spot palladium fell 0.4% to $1,036.49, while palladium futures lost 0.6% to $1,031.75. The U.S. dollar Index edged up 0.1% to 101.74.
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Bullion gained 1.7% on Monday and advanced around 5% last week, with the latest rally taking prices towards $4,130 an ounce. Brent crude fell to around $92 a barrel as markets grew more optimistic about a potential breakthrough in U.S.-Iran peace negotiations following last week's midterm elections, in which Democrats secured control of Congress.
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Gold and oil have generally moved in opposite directions this year. Higher energy prices have fuelled inflation and strengthened expectations of tighter monetary policy, creating a headwind for gold because it does not offer interest income.
The recent decline in crude prices has eased some of that pressure. A weaker dollar has also supported bullion by making it less expensive for investors holding other currencies, although the U.S. Dollar Index had edged slightly higher.
Further gains could face resistance from the Federal Reserve's inflation concerns. Fed officials have continued to stress the need to bring price pressures under control, while traders are assigning a high probability to another interest-rate increase in December.
Richmond Fed President Tom Barkin and Chicago Fed President Austan Goolsbee have both highlighted the resilience of the U.S. economy and persistent inflationary pressures, reinforcing the prospect that monetary policy may need to remain restrictive or tighten further.
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