Here is an important update on gold, silver, copper and oil.
November 2 (King World News) – Ole Hansen, Head of Commodity Strategy at SaxoBank: Oil: Brent trades down 3% with the January contract at USD 110 after trading above USD 114 on Friday. The latest decline came amid reports that President Trump favours giving diplomacy with Iran more time before potentially resuming strikes after Tuesday’s US midterm elections. Qatari and Iranian officials continued talks, although attacks on vessels near the Strait of Hormuz highlighted persistent supply risks. Meanwhile, OPEC+ kept output targets unchanged through December, while Goldman Sachs raised its Brent forecast to USD 105 for December and an average of USD 88 in 2027, citing heightened geopolitical risks in the Middle East and Ukraine.
Precious metals: Gold rebounds 1% to USD 3,915 after Friday’s break below key support, now resistance, at USD 3,970 drove prices to a one-year low, leaving October down 6.8%. The selloff, fuelled by momentum selling and long liquidation, was exacerbated by the rout in AI stocks and rising energy prices. While structural support for gold in our opinion remains intact, market sentiment and positioning may need to stabilise before these drivers regain influence. For now, the focus remains on global equities, Middle East developments, energy prices and US rate expectations. Silver, which led last week’s selloff, rebounds 2.3% to USD 50.20, with traders watching for signs of stabilisation or renewed selling.
Copper trades higher at USD 6.52 following a two-day correction driven by some of the same forces that weighed on precious metals, notably weakness in AI-related stocks that raised doubts about projected data centre demand. While sluggish Chinese manufacturing remains a concern, prices are finding support from growing signs of mine supply constraints. Meanwhile, premiums paid by Chinese importers over LME prices have reached record highs, signalling tightness in the world’s largest copper refining market.
Gold & Silver Takedown
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