Oil Dips on Rising Supply While Gold Gains on Fed Rate-Hike Bets
Commodity markets saw mixed trading on October 5, 2026, as oil prices declined due to rising supply while gold prices gained on lowered expectations of a Federal Reserve rate hike.
Oil prices slipped as crude exports from the Middle East increased and the Group of Seven nations released oil stocks, boosting supply despite concerns over potential damage to Gulf oil infrastructure due to the Iran war. Brent crude futures dropped 35 cents, or 0.34%, to $101.90 a barrel, while US West Texas Intermediate crude fell 62 cents, or 0.68%, to $90.49 a barrel.
Gold prices edged higher as softer economic data reduced the likelihood of a Federal Reserve rate hike in October, making the non-yielding asset more appealing. Spot gold rose 0.4% to $4,158.17 per ounce, and US gold futures for December delivery increased 0.6% to $4,186.40.
Among other precious metals, silver climbed 1.3% to $61.15 an ounce after a significant drop last week, while platinum and palladium also advanced. The dollar started the week strong, hovering near a 17-month high amid receding rate hike odds and fiscal worries in France.