WASHINGTON (dpa-AFX) - Gold prices have moved lower on Tuesday as Middle East concerns due to the Houthi-Saudi Arabia and U.S.-Iran conflicts continue to linger. However, a news report indicating a possible agreement between the U.S. and Iran tempered the concerns and restricted the yellow metal's decline.
Front Month Comex Gold for November delivery has edged lower by $22.40 (or 0.54%) to $4,122.90 per troy ounce.
Front Month Comex Silver for November delivery has climbed sharply by $0.572 (or 1.00%) to $57.635 per troy ounce.
Last night, while addressing a rally in Kansas, U.S. President Donald Trump once again reiterated that the U.S. is winning its war with Iran.
Trump added that U.S. forces could exit the Middle East right now, hinting that the U.S. attacks on Iran that started in late February to prevent Iran from acquiring a nuclear weapon have succeeded.
Yesterday, a spokesperson for IRGC threatened that Iran will give a crushing response to any new act of war against the nation. He stressed that even a limited U.S. action will lead to a severe global energy crisis.
The attacks on commercial tankers transiting the Strait of Hormuz, which have led to an increase in crude oil prices, continue unabated with Iran asserting its authority over the management of the Strait.
Citing the Islamic Revolutionary Guards Corps, Iran's Fars news agency reported that two tankers hit mines in the Strait of Hormuz and caught fire.
According to CNBC, not less than 18 vessels have been targeted in the strait during the last fortnight.
Citing senior officials, today Reuters reported that Iran is willfully delaying the talks with the U.S. to weaken Trump's chances of victory in the U.S. in the upcoming mid-term elections to be held on November 3.
Oil-linked inflation has frustrated American consumers and could impact the results, according to analysts.
As of today, the national average price of a gallon of gasoline hovers around $4.2786, according to the American Automobile Association.
Qatar's Foreign Ministry Spokesperson Majed al-Ansari stated that negotiations between the U.S. and Iran through mediators have not stopped.
In a significant development to the U.S.-Iran crisis, citing sources, Al-Araby Al-Jadeed news agency stated that negotiators from Qatar and Pakistan presented a compromise proposal to end the Iran war. It added that Iran has agreed to allow a visit by the International Atomic Energy Agency to inspect Iran's nuclear sites.
The news report mentioned that a breakthrough announcement could be released anytime this week.
Citing a diplomat involved in the negotiations, different news sources state that while talks are ongoing, reports indicating that a deal is close are incorrect.
Compounding to the Middle East tensions, the conflict between the Iran-backed Houthi militants of Yemen and Saudi Arabia is showing signs of a possible broader conflict.
While the U.K. announced that it will deploy fighter jets to protect Saudi Arabia from Houthi attacks, Egypt offered support to Saudi Arabia to protect its security.
On the economic front, U.S. Automatic Data Processing data revealed that private sector jobs decreased to 18,500 on October 3 from 24,750 of the previous week.
According to the CME Group's FedWatch Tool, investors are betting on an 82.8% chance the U.S. Federal Reserve maintains rates at the current 3.75%-4.00% level with 17.2% odds placed on a quarter-point rate hike in the upcoming Fed meeting on October 27-28.
The possibility for a near-term rate-cut is now off the table, according to economists.
Copyright(c) 2026 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2026 AFX News
