Markets
The war has pushed gold around through oil and interest rates, not as a simple safe haven.
How the Iran conflict has moved gold
Through October, attacks around the Strait of Hormuz lifted crude prices, and gold fell rather than rose. Kitco reported on 22 October that gold and silver were under pressure even as Hormuz attacks sent crude higher. The reason is interest rates: dearer energy feeds inflation, which makes the US Federal Reserve more likely to raise rates, and gold pays no interest. UBS analyst Giovanni Staunovo told CNBC there is an "extremely strong correlation" at the moment between oil, inflation and gold.
What changed this week
After the US midterm results, oil fell on expectations that the US-Iran conflict would de-escalate, CNBC reported, and Brent crude was on track for a sharp weekly drop despite trading near $100 a barrel. With the energy-driven inflation worry easing, gold recovered from its 30 October low. On Friday morning spot gold slipped 0.3% to around $4,077, still up about 5% on the week, while silver, platinum and palladium were all on track for weekly gains.
In this war, oil has mattered more to gold than fear.
The next test
The US non-farm payrolls report was due on Friday afternoon UK time. Two Fed officials had backed small, steady rate increases, and CME FedWatch put the chance of a December rise at 64%, CNBC said. CNBC also noted that lower prices had encouraged Indian retail buying ahead of Diwali.
What it means if you are selling gold
Day-to-day moves matter less for jewellery than for bullion. A buyer who inspects each piece looks at hallmarks, maker, age and condition before weight. Send us photographs for a free valuation, or post your gold to us insured.
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