# Gold finds relief from Oil’s decline as traders await key US economic data

> 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.

- Date: 2026-11-02 · published 2026-11-02T12:12:12.484Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/75414-gold-finds-relief-from-oil-s-decline-as-traders-await-key-us-economic-data
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

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.

## Read by commodity

- WTI: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-05-11 | [Oil falls 2% on weak US and Chinese economic data \| Reuters](https://feedsoft.ai/events/36104-oil-falls-2-on-weak-us-and-chinese-economic-data-reuters.md) | +0.4% | -1.7% |
| WTI | 2023-10-24 | [Oil drops for third straight session on weak European economic data \| Reuters](https://feedsoft.ai/events/33793-oil-drops-for-third-straight-session-on-weak-european-economic-data-reuters.md) | -3.2% | -8.8% |
| WTI | 2023-02-02 | [Oil slumps on economic data, stronger U.S. dollar](https://feedsoft.ai/events/37234-oil-slumps-on-economic-data-stronger-u-s-dollar.md) | +2.8% | +2.3% |
| WTI | 2021-12-01 | [Oil prices sink again as traders use Omicron as an excuse to hit 'sell' \| Reuters](https://feedsoft.ai/events/6300-oil-prices-sink-again-as-traders-use-omicron-as-an-excuse-to-hit-sell-reuters.md) | +8.8% | +15.8% |
| WTI | 2020-07-30 | [Oil Traders Await Cheaper Saudi Crude With Demand Ebbing](https://feedsoft.ai/events/52261-oil-traders-await-cheaper-saudi-crude-with-demand-ebbing.md) | +2.6% | +5.1% |

## Sources

- fxstreet.com: https://www.fxstreet.com/news/gold-finds-relief-from-oils-decline-as-traders-await-key-us-economic-data-202611021107

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.