Spot gold rose back above $4,120 on Monday, 9 November, while Brent crude fell toward $97. Saxo had gold 1.25% higher at $4,122 an ounce in early trade, after Friday's 1% drop on the strong US jobs report. Business Recorder put spot gold up 1.4% at $4,123.46 by 04:28 GMT, with December US futures also up 1.4% at $4,132.70. Anadolu Agency had a slightly earlier print, up 1.16% at $4,117.79 as of 06:20 GMT, and a weekly gain of 4.3%. Sunday's levels are in the weekend commodities note.
Silver and copper moved with bullion
Silver joined the rebound. Anadolu had it up 1.62% at $52.72, a 4.14% gain on the week. Saxo had silver up 1.6% at $52.75 and copper up 1.5% at $6.33 a pound, off a four-month low. Saxo also noted World Gold Council figures showing central banks bought 321 tonnes in the third quarter, the fastest pace since 2024, and said that official buying plus ETF demand absorbed selling from short-term funds. A later composite quote showed the morning high did not all stick. One feed had gold at $4,098.57 by 11:00 UTC, still up 1.06% on the day, after a session high of $4,134.10 and a low of $4,055.06. Saxo flagged local resistance near $4,150 ahead of Tuesday's US CPI report.
Brent extends the steepest weekly drop since the pandemic
Oil kept falling. Anadolu had Brent down 1.5% at $96.84 a barrel, taking the weekly loss to 7.43%. Saxo had Brent 1.5% lower at $96.80 and said the January contract slumped about 16% last week, the steepest weekly decline since the start of the pandemic. Haberler, citing the Friday close of $98.32 from the prior session, had Brent at $96.89 as of 09:30, about 1.4% under that close, and said LSEG data put last week's loss near 17%. West Texas Intermediate was $89.94 on Anadolu's screen, down 0.98% and 6.59% on the week. Haberler had WTI at $89.96. Heating oil eased 0.10% to $4.33 a gallon and gasoline fell 0.57% to $2.76, Anadolu said. European natural gas rose 1.03% to 86.48 euros, about $96.50 a megawatt-hour, and was still 8.86% lower on the week.
Talks, and a tanker claim, set the range
The drop follows comments from President Donald Trump. Saxo said he described fresh strikes on Iran as highly unlikely if talks progress, even as tanker attacks in the Gulf continue. Haberler, citing a CNN interview, reported Trump saying the chance of another US attack is "extremely low" if there is progress on Iran's nuclear program and the Strait of Hormuz. Iranian Foreign Minister Abbas Araghchi said mediator visits had paused after the US midterms and that talks needed a calmer atmosphere. A claim that an oil tanker hit a mine east of Hormuz, which Haberler said Reuters could not immediately confirm, is the risk that has kept the decline from running further. Brent is still far above the $60.75 start-of-year level Haberler cited, even after losing close to $20 a barrel in about two and a half weeks from the late-October high above $116. Bitcoin's drop toward $74,000 is in today's markets note, and Tuesday's inflation print is in the economy briefing. Follow prices on the commodities desk.