Gold rose as much as 0.7% to nearly $3,900 an ounce, recovering part of the losses recorded in the previous session. The metal had fallen 3.7% in that session, completing its worst monthly performance since 2008 during October.
Lower oil prices provided some relief from inflationary pressures, while dip buyers were attracted by gold’s decline to its lowest level in a year. Oil fell ahead of Tuesday’s US midterm elections.
Secretary of State Marco Rubio said President Donald Trump would prefer a diplomatic resolution to the Iran war.
Sources: Bloomberg Markets.