Gold rebounds after sharp selloff as oil prices ease

Gold prices rose on Monday after a steep fall in the previous session, with Mettis Global reporting spot bullion up 0.61% at $3,998.42 an ounce. The metal had dropped 3.5% on Friday, reaching its weakest level since October 2025 and slipping below $4,000 an ounce. Silver also climbed 2.5% to $50.33, while platinum held at $1,431.50 and palladium gained 0.9% to $986.

Lower oil prices helped ease concerns about inflation and the prospect of prolonged Federal Reserve tightening. Oil fell more than 3% after reports of Iran and Qatar-mediated discussions in Doha, while traders also assessed comments from three Fed officials who supported further rate increases and prepared for the November 3 US midterm elections. Mettis Global cited Reuters’ account that Friday’s technology-stock selloff prompted margin calls and sales of safe-haven assets, including gold.