Spot gold held above $3,950 an ounce after its biggest daily gain in two months, as hopes for progress in U.S.-Iran peace talks eased energy-driven inflation worries. Spot gold rose 0.3% to $3,956.32, while U.S. gold futures slipped 0.1% to $3,966.17. Bullion had climbed 1.9% on Monday after Iranian President Masoud Pezeshkian said his government had gained greater authority from the supreme leader to pursue negotiations, while signals of progress from Trump helped Brent crude fall more than 7%. Gold fell 6.8% in October, dipping below $4,000 to a one-year low, and was also hit as investors sold bullion to cover losses following a retreat in AI-related stocks. Investors are now awaiting U.S. midterm election results, which could shift the outlook for inflation and fiscal deficits.
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Related tickers and likely impact
XAU/USD
▼ Likely negativeRelevance: medium
| Market | Gold |
|---|---|
| Close on 11/02/2026 | 3,946.68 |
| Change that session | +1.84% |
PAXG/USDT
▼ Likely negativePAX Gold
Relevance: medium
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Real-world assets |
| Market cap | $1.7B |
| Close on 11/02/2026 | 3,952.77 |
| Change that session | +1.07% |
XAUT/USDT
▼ Likely negativeTether Gold
Relevance: medium
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Real-world assets |
| Market cap | $3.1B |
| Close on 11/02/2026 | 3,938.98 |
| Change that session | +1.16% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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More than seven months into the U.S. war with Iran, higher fuel prices are making driving and flying more expensive and pushing up the cost of some goods, though retailers have not raised prices across the board. Moody's Analytics chief economist Mark Zandi estimates the war has cost the average U.S. household almost $2,000, including $1,100 in higher energy prices, $540 in higher interest rates and $360 in military costs. The national average gasoline price was $4.33 a gallon, 45% above its prewar level, while diesel rose 68% to $6.33, according to AAA. Airfares were about 22% higher than a year earlier, and USDA now expects grocery prices to rise 2.4% this year, up from an initial forecast of 1.7%. Many companies have absorbed part of their higher costs, but a sharp rise in wholesale prices suggests some may pass on more if fuel prices stay high.
- Retail price impacts from Iran war uneven, add up before midterms – NBC Chicago
- Retail price impacts from the Iran war are uneven but add up for US households before midterms
More than seven months into the U.S. war with Iran, sharply higher fuel prices are making driving and flying more expensive and adding to the cost of some goods, though not yet causing across-the-board price increases in stores. AAA reported national average gasoline at $4.33 a gallon on Friday, 45% above the prewar $2.98, and diesel at $6.33, up 68%. Airfares in September were about 22% higher than a year earlier, and the USDA now expects grocery prices to rise 2.4% this year, up from its earlier 1.7% estimate. Moody's Analytics chief economist Mark Zandi estimates the war has cost the average U.S. household almost $2,000, including $1,100 in higher energy prices, and the article notes many companies have absorbed part of their higher costs, so consumers could face higher prices if fuel stays elevated.
- Retail price impacts from the Iran war are uneven but add up for US households before midterms
More than seven months into the U.S. war with Iran, higher fuel prices are making driving and flying more expensive and adding to the cost of some goods. Moody's Analytics estimated the war has cost the average U.S. household nearly $2,000, including $1,100 in higher energy prices, $540 in higher interest rates and $360 in military costs. Gasoline averaged $4.33 a gallon nationally, 45% above its prewar level, and diesel was up 68% at $6.33. Airfares were 22% higher in September than a year earlier, while store prices have not risen across the board because many companies have absorbed at least part of their higher costs. The USDA now expects grocery prices to rise 2.4% this year, up from its earlier estimate of 1.7%.
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