NewsSignals AI analysis·Reuters·Nov 4, 2026

Gold firms on softer oil prices, US midterm results awaited

Grade Abullish AI signal$XAU

Gold edged higher in early Asian trading as softer oil prices eased inflation concerns and supported bullion's appeal. Spot gold gained 0.2% to $3,934.75 per ounce, while December US gold futures rose 0.1% to $3,943.20, with investors awaiting US midterm results and labour market data. Gold could receive further support if lower oil prices ease inflation pressures and strengthen expectations that the Federal Reserve may eventually reduce its need for elevated interest rates.

Bullish strength: 65/100

Softer oil prices ease inflation concerns and support gold's appeal as a non-yielding asset.
Expectations that the Federal Reserve may not need to maintain elevated interest rates for an extended period could support bullion.
Spot gold and December futures both recorded gains in early Asian trading.

Bearish strength: 35/100

Traders see a 78% chance of a Federal Reserve rate increase in December, potentially pressuring non-yielding gold.
India's gold demand is expected to fall to a six-year low in 2026 as elevated prices weigh on jewellery and investment demand.

This is automated NewsSignals analysis of third-party reporting, not independent original reporting or investment advice. AI scores are not price predictions.

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