Gold rebounds from one-year low ahead of US midterms

Spot gold rose 0.7% to $3,900.14 per ounce by 0940 GMT, after falling 3.6% in the previous session to its lowest level since October 2025, according to Reuters.

Oil fell more than 3% as Iranian and Qatari officials continued talks for a third day, easing supply and inflation concerns and giving gold temporary support.

Independent analyst Nikos Tzabouras said the rebound may be short-lived and that markets would move cautiously ahead of the US midterm elections.

Tzabouras said investors prefer caution before the midterms rather than building large positions on a rebound that may not last, which could curb risk appetite and support demand for gold as a safe haven.

What do these terms mean?

Spot gold: The price for buying and selling gold in the global market for immediate delivery, and the most closely watched reference for the metal.

GMT: The global standard time to which trading hours in financial markets are referenced.

Midterm elections: US elections held at the midpoint of a president's term covering seats in the House and Senate, which can affect economic policy.

Safe haven: An asset investors turn to when risk or uncertainty rises to preserve the value of their money.