Gold jumped more than 1% on Monday to $4,113 an ounce, as falling oil prices and a weaker dollar eased inflation fears and drew buyers back into precious metals. Spot gold advanced 1.2% to $4,112.90 an ounce by 06:30 GMT on Monday, according to Reuters, while US gold futures for December delivery gained 1.2% to $4,122.00. The rise reverses part of last week’s pullback, when Friday’s hot US jobs report — 165,000 jobs added in October, far above the 65,000 expected — knocked both metals back from their highs by pushing the dollar higher. Silver rose with gold, up 1.4% to $52.57 an ounce on Monday, according to the same Reuters report — holding above the $52 level it reached after its best week since August. Platinum gained 0.7% to $1,546.83 and palladium climbed 1.4% to $1,037.58.
Oil keeps falling
The trigger was oil. Brent crude is near $97 a barrel on Monday, down about 1.5%, after falling more than 13% last week on hopes of a US–Iran deal, according to NordFX’s morning market update. Cheaper oil eases inflation pressure, which in turn eases the case for higher interest rates — and lower rates tend to help gold, which pays no yield. The gold-to-silver ratio — how many ounces of silver one ounce of gold buys — sits at about 78, down from the high 80s where it sat for much of the year. When the ratio falls, silver is outperforming gold, and silver’s industrial uses in solar panels, electronics and electric vehicles give it a second engine that gold does not have.
Tuesday’s inflation report looms
Investors are now waiting for Tuesday’s US consumer inflation data, due at 8:30 a.m. Eastern, and producer inflation figures on Friday, for further clues on the Federal Reserve’s direction. Forecasters expect headline consumer prices up 0.3% on the month and core prices up 0.2%, with no annual rate published this time. For buyers, the message is the same as with last week’s rally: gold is about $4,113 an ounce, still well below its all-time high of $5,405 reached in January 2026, while silver at $52.57 remains far below its own record — its 52-week range runs from $48.70 to $118.45 an ounce. In India, where Diwali fell on Sunday, the festive buying season has now passed its peak, and the jewellers’ focus turns to the wedding season ahead.
