Bullion gained modest ground as crude oil slid near a four-week low following confirmed multilateral talks between Russia, Ukraine, and the United States in Abu Dhabi. Lower energy costs helped reduce persistent inflation fears, reinforcing expectations that the Federal Reserve will avoid prolonged monetary tightening. Financial markets are also tracking unresolved U.S.-Iran discussions mediated by Qatar while bracing for election-related price swings. Meanwhile, physical consumer appetite is taking a hit, with high prices projected to push India's gold demand to a six-year low in 2026.
Key points
Weaker oil prices are providing support for non-yielding bullion by mitigating broader in…: Weaker oil prices are providing support for non-yielding bullion by mitigating broader inflation anxieties.
Asset prices face potential short-term volatility as investors await the final outcome of…: Asset prices face potential short-term volatility as investors await the final outcome of the U.S. midterm elections.
Extended price strength alongside cooling investment appetite is expected to suppress phy…: Extended price strength alongside cooling investment appetite is expected to suppress physical demand in India to a multi-year low.
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Fundamentals
Spot gold was up 0.2% at $3,934.75 per ounce by 0024 GMT, while US gold futures for December delivery rose 0.1% to $3,943.20.Oil prices eased about 1% on Tuesday to their lowest in nearly four weeks, as the market weighed talks to end the wars in Ukraine and Iran against worries that recent attacks in both conflicts could further disrupt supplies. [O/R]
Russia will hold three-way peace talks with Ukraine and the United States in Abu Dhabi from November 10-11, the Kremlin confirmed on Tuesday.
Iran and the United States are still far from a deal to end their war, a senior Iranian official told Reuters on Tuesday, while mediator Qatar stepped up efforts to bridge differences and avert a renewed escalation after the US midterm elections.
Lower oil prices ease inflation concerns and reinforce expectations that the Federal Reserve may not need to keep interest rates elevated for an extended period, boosting the appeal of non-yielding bullion.
Investors were bracing for a potentially strong Democratic showing during Tuesday's midterm elections that could pave the way for greater volatility…
Raw material markets are increasingly diverging as individual sector fundamentals and geopolitical tensions eclipse traditional cross-commodity correlations. To navigate this landscape, Tata Asset Management recommends balancing defensive safe havens with industrial assets leveraged to global technological shifts. This portfolio approach positions investors to absorb macroeconomic headwinds while securing exposure to long-term structural supply deficits.
The pharmaceutical firm approved the significant interim distribution during its late-October board meeting, establishing early November eligibility deadlines for shareholders. This substantial cash reward offers immediate yields to investors seeking current income amid a challenging environment. However, the generous capital return comes against a backdrop of prolonged, multi-year share price declines for the drugmaker.
Investors are pausing their recent buying momentum as global financial conditions face potential shifts stemming from Washington's political landscape. Potential adjustments to American fiscal policies and fluctuating energy markets threaten to reverse recent progress across domestic bourses. Consequently, elevated commodity prices are adding pressure to local trading sentiment ahead of the legislative results.