Gold prices rebounded on Monday, November 2, 2026, after hitting a one-year low the previous session. The rally was driven by dip buyers capitalizing on the metal's sharp decline and a drop in oil prices, which eased some inflationary concerns. Bullion climbed as much as 0.8% to near $3,900 an ounce, recovering from a 3.7% plunge on Friday that marked the worst October performance for gold since 2008.
The price surge came as oil prices fell following a report by Axios that President Donald Trump is considering giving diplomacy more time before deciding whether to resume strikes on Iran after the midterm elections. The potential shift in geopolitical tensions contributed to a more favorable environment for gold, which often benefits from safe-haven demand during periods of uncertainty.
The metal's recent volatility has drawn the attention of investors, with some seeing the dip as a buying opportunity. However, the broader market sentiment remains cautious, as gold's performance in October highlighted the challenges faced by the commodity amid shifting economic and political landscapes.