# Gold firms on softer oil prices, US midterm results awaited

> Spot gold rose 0.2% to $3,934.75 per ounce early Tuesday as oil prices eased to their lowest in nearly four weeks on Iran and Ukraine peace talk hopes. Russia confirmed three-way peace talks with Ukraine and the US in Abu Dhabi for November 10-11, while Iran said it remained far from a deal with the US.

- Date: 2026-11-04 · published 2026-11-04T03:12:44.412Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/79071-gold-firms-on-softer-oil-prices-us-midterm-results-awaited
- 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

Lower oil reduces inflation worries and cuts expectations for prolonged high rates, which supports non-yielding bullion; the market also prices a 78% chance of a Fed hike in December. For feed buyers this is a macro-energy signal with limited direct grain impact.

## Read by commodity

- DXY: bearish ▼
- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-09-21 | [Oil prices slide 1% after U.S. Fed raises interest rates](https://feedsoft.ai/events/39490-oil-prices-slide-1-after-u-s-fed-raises-interest-rates.md) | -6.9% | -1.7% |
| WTI | 2016-12-23 | [C$ hits a 5-week low on soft data, lower oil prices](https://feedsoft.ai/events/73697-c-hits-a-5-week-low-on-soft-data-lower-oil-prices.md) | +2.8% | +0.7% |
| WTI | 2025-01-30 | [Oil Prices Hold Steady As Markets Await US Tariff Decisions, OPEC+ Meeting](https://feedsoft.ai/events/26669-oil-prices-hold-steady-as-markets-await-us-tariff-decisions-opec-meeting.md) | -2.1% | -3.2% |
| WTI | 2023-09-20 | [Oil prices ease 1% after US Fed warns of higher rates for longer](https://feedsoft.ai/events/34005-oil-prices-ease-1-after-us-fed-warns-of-higher-rates-for-longer.md) | -0.1% | -5.0% |
| WTI | 2026-02-04 | [Palm oil prices on roller coaster amid bullish outlook but soft fundamentals \| Mysteel](https://feedsoft.ai/events/4665-palm-oil-prices-on-roller-coaster-amid-bullish-outlook-but-soft-fundamentals.md) | +2.1% | +18.8% |
| BRENT | 2023-09-20 | [Oil prices ease 1% after US Fed warns of higher rates for longer](https://feedsoft.ai/events/34005-oil-prices-ease-1-after-us-fed-warns-of-higher-rates-for-longer.md) | -1.1% | -4.2% |
| BRENT | 2026-02-04 | [Palm oil prices on roller coaster amid bullish outlook but soft fundamentals \| Mysteel](https://feedsoft.ai/events/4665-palm-oil-prices-on-roller-coaster-amid-bullish-outlook-but-soft-fundamentals.md) | +1.8% | +19.9% |
| BRENT | 2021-03-19 | [RM opens 120 bps lower amid falling oil prices, US yields spike](https://feedsoft.ai/events/48389-rm-opens-120-bps-lower-amid-falling-oil-prices-us-yields-spike.md) | -1.8% | +5.9% |

## Sources

- au.investing.com: https://au.investing.com/news/economy-news/gold-firms-on-softer-oil-prices-us-midterm-results-awaited-4739840

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