Gold rose as much as 0.7 percent to near $3,900 an ounce on Monday, recovering modestly from the one-year low it hit on Friday, as declining oil prices eased concerns over inflation and possible interest-rate increases, Bloomberg reported. Spot gold was up 0.6 percent at $3,899.39 an ounce at 7:45 a.m. in Singapore, and other reports put the intraday high at $3,930, from Friday's low of $3,872.
Source: Bloomberg via TradingView
The bounce follows Friday's 3.7 percent slump in the previous session, which rounded off the worst October for gold since 2008 and took the metal below $3,900 for the first time in a year. Silver had also slipped below $50 an ounce for the first time in nearly a year, and steadied alongside gold on Monday, while platinum recovered from its weakest level since September 2025.
At about $3,900 an ounce, gold works out to roughly $125 a gram. In India, gold futures on the MCX had settled at Rs 138,419 per 10 grams — yaani about Rs 1.38 lakh for 10 grams — in the last reported session.
Oil dropped ahead of Tuesday's US midterm elections, with Secretary of State Marco Rubio saying President Donald Trump would prefer a diplomatic resolution to the Iran war, Bloomberg reported. Bullion remains vulnerable to any escalation in the Middle East: Trump has repeatedly threatened to resume strikes on Iran after the midterms, Tehran has threatened wider retaliation, and several Gulf states have expressed concern that another attack could unleash a more destructive war across the region.
Analysts cited in the reports cautioned that Friday's close below the key technical level of $3,886 an ounce leaves gold exposed to further downside, and that the metal would need to reclaim and hold above $4,000 to restore a more neutral short-term outlook. Investors are also awaiting this week's US jobs report for clues on the Federal Reserve's next move, with markets pricing around a 75 percent chance of a rate hike in December.