02.11.2026 18:00
News that Iran announced it could open the Strait of Hormuz within 2 days if its demands are met, and that a draft agreement to end the war with the US is on the agenda, moved the markets. Oil prices declined, while gold per ounce rose over 2% and surpassed $3,940. Gram gold approached 6,400 lira, and silver gained more than 4%.
Gold, which rose above $3,900 in the morning hours with reaction buying, accelerated its rise in the afternoon with news from Iran. The decline in oil easing inflation and interest rate concerns supported precious metals.
OUNCE GOLD RISES MORE THAN 2%
Ounce gold gained more than 2% during the day and rose above $3,940. The precious metal was trading at $3,904 in the morning, recovering from the lowest level of the past year it saw on Friday.
Domestically, with the rise in the ounce price, gram gold approached 6,400 lira. Gram gold was at 6,270 lira in the first hours of the week.
4% SURGE IN SILVER
The most notable movement in precious metals occurred in silver. Ounce silver gained more than 4% and rose to $51.20. Silver had fallen below $49 on Friday with a loss exceeding 6%.
IRAN: HORMUZ COULD OPEN WITHIN 2 DAYS
The development that moved the markets came from Iran. Iranian Foreign Minister Abbas Araghchi said in an interview with Al Jazeera that if an agreement is reached, the Strait of Hormuz could reopen within 2 days.
Iranian Foreign Ministry Spokesman Esmail Baghaei announced that the talks are based on the 7-stage plan Iran presented in September. The September plan envisaged the strait opening on the 6th day after the US meets the demands. Iran now says this process could be implemented faster.
WHAT ARE IRAN'S CONDITIONS?
- According to Baghaei, Iran's demands are listed as follows:
- Ending the war in the Middle East on all fronts
- Lifting the freeze on Iranian assets abroad
- Lifting sanctions on the oil sector
- Ending the US naval blockade
Baghaei said, "Only after this can we discuss the next stages." Araghchi also said Washington must accept the new transit route agreed by Iran and Oman and reduce the number of troops in the region.
DRAFT AGREEMENT ON THE AGENDA
An official with knowledge of the Qatar-mediated talks stated that a draft agreement to end the war is circulating among the parties. Iranian negotiators left Doha on Sunday. An official speaking to Reuters noted that this departure was not due to difficulties in the talks and that a new meeting could be held.
Araghchi said the talks were "continuing and progressing." US President Donald Trump, meanwhile, said they would not launch a new attack before the midterm elections and described the talks as productive, but did not take the military option off the table.
SHARP DROP IN OIL
With hopes for an agreement, oil prices also fell sharply. As of 12:00 Turkish time, the barrel price of Brent crude fell 3.7% to $109.23, while the barrel price of WTI crude fell 3.8% to $100.14.
Tamas Varga of PVM said, "The new month has brought back hopes of a breakthrough in the deadlock in Iran." Tim Waterer, Chief Market Analyst at KCM Trade, also stated that hopes for diplomatic progress and the absence of a serious military escalation over the weekend have for now eased the pressure on prices.
WHY DOES THE DROP IN OIL SUPPORT GOLD?
The decline in oil prices strengthens the expectation that inflation pressure may decrease and the likelihood of high interest rates remaining for a long time may weaken. Gold, which has no interest yield, is positively affected by the retreat in interest rate expectations.
Last week, gold came under pressure due to the rise in oil prices and expectations that the US Federal Reserve (Fed) could raise interest rates in December, and in October it experienced its sharpest monthly decline since 2008.
EYES ON THE US AND IRAN
Whether the rise in gold will be permanent depends on the course of the talks between the US and Iran. Markets are also closely watching the US midterm elections to be held tomorrow and the nonfarm payrolls data to be announced on Friday.
The information here is not investment advice.