Gold prices rally from yearly lows as WTI crude oil retreats on easing geopolitical tensions between the US and Iran, providing a tailwind for the precious metal after a 6.87% monthly decline.
Gold is experiencing a recovery at the start of the week following a significant decline that saw it hit a yearly low of $3,870 and a monthly loss of 6.87% in October. The precious metal is finding support from the recent cooling in oil prices, which often influences market sentiment and inflation expectations.
Gold reached a fresh yearly low of $3,870 on Friday.
Gold ended the month of October down 6.87%.
Oil prices are currently facing downward pressure as diplomatic efforts between the United States and Iran intensify. This easing of geopolitical tensions is contributing to a decline in energy prices, which in turn acts as a supportive factor for gold prices.
Oil prices are pulling back due to ongoing diplomatic efforts between the US and Iran.
Gold prices recover early this week after hitting a yearly low of $3,870 on Friday. The precious metal finds support from a decline in crude oil prices, which are softening amid renewed diplomatic efforts between the United States and Iran.
Gold is rebounding from a yearly low of $3,870, supported by a decline in crude oil prices linked to diplomatic progress between the US and Iran.