# Gold falls as higher oil stokes inflation fears ahead of US midterms

> Spot gold slipped about 1.1% to $3,904.69 per ounce as oil prices rose after a US strike on Iran's Qeshm Island and an Iranian official said a deal to end the war was far off. Traders priced a 75% chance of a Fed rate hike in December.

- Date: 2026-11-03 · published 2026-11-03T12:13:36.449Z
- Category: geopolitics · region Global · magnitude low
- Page: https://feedsoft.ai/events/77620-gold-falls-as-higher-oil-stokes-inflation-fears-ahead-of-us-midterms
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Higher energy prices feed inflation expectations and firmer rate bets, which strengthen the dollar and weigh on commodities broadly. The price effect on feed ingredients is indirect and mainly runs through energy and currency channels.

## Read by commodity

- DXY: bullish ▲
- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-03-07 | [Euro slides as war in Ukraine stokes fears of inflationary shock](https://feedsoft.ai/events/8258-euro-slides-as-war-in-ukraine-stokes-fears-of-inflationary-shock.md) | -5.5% | -14.2% |
| WTI | 2026-03-25 | [Oil settles up nearly 6% as investors fear further Middle East escalation \| Reuters](https://feedsoft.ai/events/20343-oil-settles-up-nearly-6-as-investors-fear-further-middle-east-escalation-reuters.md) | +10.2% | +1.3% |
| WTI | 2026-08-31 | [Oil prices jump 4% as fresh US-Iran fighting stokes supply fears](https://feedsoft.ai/events/18067-oil-prices-jump-4-as-fresh-us-iran-fighting-stokes-supply-fears.md) | +9.6% | +4.0% |
| WTI | 2018-05-25 | [Contact Us - Sherbrooke Record - Fears of prolonged Red Sea crisis fuel inflation fears, as oil, retail shipping delays begin to rise](https://feedsoft.ai/events/64932-contact-us-sherbrooke-record-fears-of-prolonged-red-sea-crisis-fuel-inflation.md) | -7.0% | -2.7% |
| WTI | 2019-06-24 | [U.S. oil ends higher, but Brent falls as Trump administration announces additional Iran sanctions - MarketWatch](https://feedsoft.ai/events/58755-u-s-oil-ends-higher-but-brent-falls-as-trump-administration-announces.md) | +1.6% | -2.4% |
| BRENT | 2026-03-25 | [Oil settles up nearly 6% as investors fear further Middle East escalation \| Reuters](https://feedsoft.ai/events/20343-oil-settles-up-nearly-6-as-investors-fear-further-middle-east-escalation-reuters.md) | +15.0% | +1.0% |
| BRENT | 2026-08-31 | [Oil prices jump 4% as fresh US-Iran fighting stokes supply fears](https://feedsoft.ai/events/18067-oil-prices-jump-4-as-fresh-us-iran-fighting-stokes-supply-fears.md) | +10.8% | +22.9% |
| BRENT | 2023-02-13 | [Oil edges higher as market weighs Russian supply cuts amid demand fears \| Reuters](https://feedsoft.ai/events/37491-oil-edges-higher-as-market-weighs-russian-supply-cuts-amid-demand-fears-reuters.md) | -4.0% | -3.9% |

## Sources

- zawya.com: https://www.zawya.com/en/business/gold-falls-as-higher-oil-stokes-inflation-fears-ahead-of-us-midterms-1888657

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