Gold and Silver Jump More Than 2% as US-Iran Talks Weigh on Oil

Gold and silver both climbed more than 2% on Monday, helped by unexpected headway in US-Iran peace negotiations that pushed oil prices lower. Bitcoin, by contrast, struggled and slid into the $76,000 area.

Reuters reported that Iranian negotiators walked away from Sunday's round with Qatari mediators, though a revised peace proposal is now circulating.

Tehran says the seven-step plan it has put forward could be carried out within two days, which could reopen the Strait of Hormuz provided Washington lifts its blockade of Iranian ports.

Iran's foreign minister, Abbas Araqchi, called the consultations “very intensive.”

Still, Trump turned down an earlier proposal, and Iranian sources continue to see fresh US strikes as more probable than a deal.

How Cheaper Oil Could Lift Gold and Silver

Crude dropped more than 6% as the diplomatic developments unfolded. Gold bounced back following its worst October since 2008, and silver retook $50.

One estimate circulating in the market put $428 billion of paper gains, rather than new investment, behind an earlier leg of gold's rebound.

Those moves point to oil turning into a key short-term force behind precious metals.

When energy gets cheaper, inflation worries tend to fade, which may reduce the pressure on the Federal Reserve to lift interest rates. If rates are expected to stay lower, gold becomes more appealing, since holders give up less interest income. Silver gains from much the same setup.

So a durable Iran agreement could underpin a wider recovery across both metals, as long as crude keeps sliding and expectations of rate hikes fade.

That link is not assured, however. Movements in bond yields and the dollar still matter.

BREAKING: Over $430 BILLION has been added to gold and silver after Iran’s Supreme Leader authorized the government to advance negotiations with the US to end the war.

— Bull Theory (@BullTheoryio) November 2, 2026

Markets still assign a 77% probability to a Federal Reserve hike in December.

Separately, gold advocate Peter Schiff has accused Trump of manipulating oil prices, without offering evidence.

Why Bitcoin Is Sitting Out the Rally

Past peace signals have drawn little in the way of a lasting response from bitcoin. The asset is also recovering from the $6.3 billion Binance hack, which was followed by $643 million in Bitcoin ETF outflows.

Glassnode estimates that ETF buyers and corporate Bitcoin purchasers came in at average prices of roughly $80,000 to $81,500.

With bitcoin now trading below that band, plenty of them are sitting on unrealized losses, which adds strain to a market that is already jittery.

What to Watch From Here

• Iran negotiations: An agreement could drive oil down further, whereas renewed military strikes could undo the move.
• Tuesday's US midterm elections: The results could shape Washington's posture toward Iran.
• Friday's US jobs report: Robust hiring could firm up expectations of a Fed rate hike, putting the metals rebound at risk.