Gold Futures Slide as Higher Oil Prices Fuel Rate-Hike Concerns
A facts-only brief, written by a local AI model from this article in The Wall Street Journal, November 3, 2026. It may contain mistakes, and it is not the article: the full story is at wsj.com.
Gold futures declined by 1.6% to $3,906.20 per troy ounce during midmorning European trading, driven by rising oil prices that heightened expectations for higher interest rates. Traders are currently pricing in a 75% probability of a Federal Reserve rate hike in December, according to the CME’s FedWatch tool. This outlook weighs on the precious metal as investors await Friday’s U.S. payrolls report, which analysts at Sucden Financial say will influence monetary policy expectations.
Background
- Silver futures dropped 4.2% to $48.72 per ounce, while platinum fell 2.5% to $1,417.70 per ounce.
- Morgan Stanley analysts noted that gold had previously rebounded nearly 2% on Monday from a one-year low, supported by lower oil prices that tempered inflation concerns.
- The same Morgan Stanley analysts identified $4,000 as the key level to watch for gold’s next directional move.
- Spot gold was trading 0.1% higher at $3,950.25 per ounce in early Asian trade.
Read the full article at wsj.com
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