Key Points

• Gold extends recovery: Bullion gained 1.7% on Monday after rising approximately 5% the previous week.
• Oil prices retreat: Brent settled at $92.57 per barrel on November 9 as hopes of progress in U.S.-Iran negotiations reduced the geopolitical risk premium.
• Dollar supports precious metals: The Bloomberg Dollar Spot Index declined 0.5% on Monday, making dollar-priced gold more affordable for overseas buyers.

SCRAPMONSTER EDGE | PRECIOUS METALS ANALYSIS

Lower Oil Prices Are Changing Gold's Inflation Outlook

Gold and oil have frequently moved in opposite directions during 2026. Elevated crude prices have contributed to inflation concerns and expectations of tighter monetary policy, both of which can pressure non-yielding gold.

Brent's decline toward $92 per barrel eased some of those concerns, while a weaker dollar provided additional support to bullion.

Industry takeaway: For gold scrap buyers, refiners and precious-metals traders, the important development is the changing relationship between energy prices, inflation expectations and the dollar. Lower oil prices may support bullion, but the next U.S. inflation reading could alter interest-rate expectations and pricing conditions.

Brent Falls Toward $92 as Iran Diplomacy Gains Attention

Brent crude fell approximately 5.9% on Monday, November 9, settling at $92.57 per barrel, as expectations grew that diplomatic efforts could reduce the risk of further escalation in the U.S.-Iran conflict.

The shift in sentiment followed the U.S. midterm elections and comments from President Donald Trump suggesting that additional military strikes against Iran were unlikely if negotiations made sufficient progress.

However, no final peace agreement has been announced, and regional shipping and security risks remain unresolved.

The decline in crude prices reduced some immediate inflation concerns, helping support gold despite uncertainty over the Federal Reserve's next policy decision.

Weaker U.S. Dollar Provides Additional Support

The Bloomberg Dollar Spot Index declined 0.5% on Monday, adding to gold's recovery by making the dollar-denominated metal less expensive for buyers using other currencies.

Lower energy prices can also influence expectations for future inflation and monetary policy. When investors anticipate less aggressive interest-rate increases, the opportunity cost of holding non-yielding assets such as gold may decline.

Nevertheless, gold remains sensitive to incoming U.S. economic data, Treasury yields and changes in geopolitical sentiment.

Gold, Silver and Platinum: November 10 Price Snapshot

At 7:59 a.m. Singapore time on Tuesday, November 10, spot gold was little changed at approximately $4,139 per troy ounce, according to Bloomberg.

Silver held near $53.42 per ounce after gaining almost 3% in the previous session.

Platinum and palladium edged lower, while the Bloomberg Dollar Spot Index remained broadly steady following Monday's decline.

Market data note: These quotations reflect the specified early Tuesday observation and are not live prices or final daily settlements.

U.S. Inflation Data Remains the Next Market Test

Investors are watching the October U.S. Consumer Price Index report, scheduled for November 10 at 8:30 a.m. Eastern Time, for further evidence of inflation trends.

A softer reading could ease expectations of additional monetary tightening, while stronger inflation could renew upward pressure on the dollar and Treasury yields.

For now, gold's recovery reflects a combination of lower energy prices, currency weakness and improving sentiment around diplomatic developments, rather than a confirmed resolution of the underlying geopolitical risks.