Caution Grips Gold and Oil Amid Policy Signals
Global gold and oil markets start the week cautiously,

swayed by U.S. policy moves and shifting economic expectations.

Topic

Gold

Oil

Gold

Balancing Policy and Market Forces

Trump’s Remarks Stir Price Uncertainty

The gold market remains on edge after U.S. President Donald Trump announced that imports of the precious metal will not be subject to tariffs.

Spot prices held steady near $3,345 per ounce in London, following a sharp 1.6% drop the previous day.

The pullback came after a surprise move by U.S. Customs to impose duties on gold bars,

triggering market volatility that pushed New York futures sharply above London benchmarks before the gap narrowed.

Implications for Global Flows

The tariff debate could reshape the flow of bullion worldwide and affect the liquidity of U.S. futures trading.

Until Washington’s long-term trade stance becomes clear,

investors are likely to remain cautious. Gold has already surged more than 25% since the start of the year,

supported by geopolitical tensions and strong central bank purchases.

Dollar and Fed Policy in Focus

Traders are watching upcoming U.S. inflation data for clues on the Federal Reserve’s rate path.

A stronger dollar makes gold more expensive for many buyers,

while the extension of the U.S.-China tariff truce could reduce safe-haven demand.

Oil

Limited Gains, Lingering Risks

Trade Truce Offers Temporary Lift

Oil prices inched higher after Trump extended the suspension of higher tariffs on Chinese goods until November 10,

raising hopes for improved ties between the world’s two largest economies.

Brent hovered near $67 a barrel, while WTI steadied around $64, both still close to two-month lows.

Supply Growth Meets Slower Demand

Crude has fallen over 10% this year as OPEC+ reverses last year’s supply cuts amid signs of slowing global growth,

heightening oversupply concerns.

Market attention is turning to a scheduled meeting between Trump and Russian President Vladimir Putin,

though expectations for a breakthrough on Russia sanctions remain low.
Traders are also awaiting monthly reports from OPEC and the U.S. Energy Department,

which could provide clearer insights into the supply-demand balance going forward.

Caution Grips Gold and Oil Amid Policy Signals

Caution Grips Gold and Oil Amid Policy Signals

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