Key facts
- Spot gold was up 0.2% at $3,934.75 an ounce by 0024 GMT, per Reuters.
- US gold futures for December delivery rose 0.1% to $3,943.20.
- The Kremlin confirmed Russia, Ukraine and the US will hold talks in Abu Dhabi from November 10 to 11.
- The World Gold Council said India's gold demand was expected to fall to a six-year low in 2026.
Spot gold was up 0.2% at $3,934.75 an ounce by 0024 GMT on November 4, 2026, in early Asian trade, according to Reuters, while US gold futures for December delivery rose 0.1% to $3,943.20.
The report linked the move to oil prices, which it said eased about 1% on Tuesday November 3 to their lowest in nearly four weeks. It said the oil move eased inflation concerns and reinforced expectations the Federal Reserve may not need to keep interest rates elevated for an extended period.
On the wars, the report said the Kremlin confirmed Russia would hold three-way peace talks with Ukraine and the United States in Abu Dhabi from November 10 to 11, and that a senior Iranian official told Reuters Iran and the United States remained far from a deal to end their war, with mediator Qatar working to bridge differences.
The report said investors were braced for a potentially strong Democratic showing in Tuesday's midterm elections that could pave the way for greater volatility in asset prices, and that traders saw a 78% chance the Fed would raise rates in December, according to CME's FedWatch tool.
Separately, the World Gold Council said on Tuesday November 3 that India's gold demand was expected to fall to a six-year low in 2026 as elevated prices weighed on jewellery sales. Spot silver fell 0.2% to $49.67 an ounce, platinum rose 0.3% to $1,422.15 and palladium gained 0.5% to $938.49.