Gold drops 3% to over one-year low as fading Middle East peace hopes fan inflation fears

13/11/2026 02:27 AST

Gold prices slid 3% on Thursday, extending losses for a third straight session to hit a more-than-one-year low, as oil prices climbed on fading hopes for peace in the Middle East that spurred fears of higher inflation and elevated interest rates.

Spot gold dipped 3.0% to $3,867.96 per ounce by 10:01 a.m. ET (1501 GMT), having touched its lowest level since October 2025 earlier in the session.

US gold futures for December delivery fell 3.2% to $3,872.00 per ounce.

US President Donald Trump said on social media on Thursday that the US did not need a deal with Iran. "Those days had long since passed," he said, quashing hopes of a deal to end the conflict, which started in late February with US-Israeli strikes on Iran and has spread across the Middle East.

"If crude oil prices spike higher on this news, that's negative for gold from an inflation perspective," said Jim Wyckoff, a market analyst at American Gold Exchange.


Khaleej Times

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