Spot gold traded near $3,920.70 an ounce early on Tuesday, down 0.66%, while Brent crude held around $105 a barrel after Monday's steep drop. Centrino Capital recorded that gold print around 05:15 UTC, with silver down 2.81% at $49.23 and Brent up 0.86% at $105.67. Later morning quotes were scattered. Report.az had gold at $3,934.50, down $35.10 on the day, Brent at $105.18 and WTI at $96.99. A separate spot reading later in the morning was nearer $3,908. Monday's bounce toward $3,901, taken while oil was still falling, is in yesterday's commodities note.
Reports of a strike on Qeshm Island follow Monday's $8.66 drop
Moneycontrol said Brent futures settled Monday at $104.77, down $8.66, or 7.63%. On Tuesday its early reading had Brent at $104.81 and WTI at $96.76. The bounce followed reports, which Moneycontrol attributed to the Wall Street Journal and US officials, of a US strike on Iran's Qeshm Island described as a defensive operation aimed at protecting commercial ships in the Strait of Hormuz. Tim Waterer, chief market analyst at KCM Trade, told Reuters, as quoted by Moneycontrol, that the military news put a fresh risk premium back into oil as markets had started to price a diplomatic path. Tehran said on Monday that talks with the United States were still going on. President Donald Trump, the same report said, sounded skeptical that he would renew a threat of further strikes.
Goldman lifts its December Brent call to $105
Moneycontrol, citing Reuters, said Goldman Sachs raised its December Brent forecast to $105 a barrel from $90, and its WTI outlook to $94 from $81. In a case where Gulf output stays 3.5 million barrels a day below its 2025 average, the bank sees Brent averaging near $130 and peaking at $140 in 2027. Centrino linked Tuesday's softer gold price to Fed hike expectations, election uncertainty and forced selling tied to weakness in technology shares. The Nasdaq was down about 1% in that early snapshot. Election day and the 10 a.m. job-openings release are in the economy briefing. Bitcoin near $76,500 is in today's market note. Follow prices on the commodities desk.