Spot gold steadied near $4,051 an ounce on Wednesday, 11 November, and Brent crude climbed back toward $92 a barrel after Tuesday's slide under $90. A spot quote around 11:40 UTC put gold at $4,050.92, up 0.29% from a previous close near $4,039, with a session range of about $4,027 to $4,053. The British News Agency had gold up 0.59% at $4,053.87. Tuesday's drop, when bullion fell about 2% and Brent touched $89.03, is in yesterday's commodities note.
Silver led the metals bounce
Silver moved more than gold. The British News Agency put silver up 2.51% at $52.51. That is a rebound from Tuesday's print near $51.70, and it still leaves the metal short of Monday's area near $52.75. The bounce is a repair after the CPI selloff, not a new high. A December Fed hike that markets now treat as locked in, and Goldman's added call for a March 2027 increase, keep a lid on how far non-yielding metal can run. That rate path is in today's economy briefing.
Brent reclaimed $92 as ship attacks offset talk of an Iran deal
Oil did the sharper turn. The British News Agency had Brent up 0.99% at $92.40 and WTI crude at $86.59. Report.az listed Brent at $92.55 and WTI at $86.76. The Economic Times said Brent rose near $92 on Wednesday after settling down 5.85% in the previous session, its lowest since 31 August. The rebound came as attacks on ships offset hopes that the Iran war was winding down.
President Donald Trump said on Monday, after meeting Qatar's prime minister, that Iran "militarily is effectively over" and that the United States was "just keeping it the status quo," the Economic Times reported. He also said military action did not look very necessary, while adding that US forces were "locked and loaded." The naval blockade is still in place. The same report, citing US Central Command estimates reported by AP, said Iran has been stopped from exporting more than $25 billion of crude. A ceasefire headline can pull Brent under $90. A blockade that is still collecting tankers can put it back over $92 the next morning.
Goldman lifted its December oil forecast
Banks are not treating the dip under $90 as the new base. The Economic Times said Goldman Sachs raised its December Brent forecast to $105 a barrel from $90, and its WTI forecast to $94 from $81. In an upside case, Brent could reach $140 and average about $130 in 2027 if Gulf production stays 3.5 million barrels a day below its 2025 average. That is a risk case, not the base. It is also why a one-day drop under $90 did not clear the geopolitical premium. Bitcoin's hold near $74,000 is in today's markets note. Follow gold and oil on the commodities desk.