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Gold rose about 0.6% to near $3,900 an ounce after sliding to a yearly low of $3,870 on Friday and ending October down 6.87%. The gain followed a drop in oil prices, with WTI slipping below $100 as Iran said its proposal could reopen the Strait of Hormuz within two days of an agreement.
Gold has moved opposite oil since the US-Iran war began, so easing crude prices and inflation pressure reduce the case for further Fed tightening. For feed buyers, lower oil eases diesel and fertilizer costs, though the effect on feed grain prices is indirect.
fxstreet.comVishal ChaturvediNov 2, 2026After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
