Gold falls as higher oil stokes inflation fears ahead of US midterms
Published . Updated .
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This report is about oil and gold.
Directly affected
- No company is named in this report.
Indirectly affected
- USO United States Oil Fund+8.9% 30d
United States Oil Fund: its price follows crude oil. Linked by “oil” (oil) in this story.
- XLE Energy Select Sector SPDR+8.9% 30d
Energy Select Sector SPDR: its price follows crude oil. Linked by “oil” (oil) in this story.
- GLD SPDR Gold Shares-3.7% 30d
SPDR Gold Shares: it follows gold or gold miners. Linked by “gold” (gold) in this story.
- TIP iShares TIPS Bond ETF-0.5% 30d
iShares TIPS Bond ETF: it is a common hedge when prices rise. Linked by “inflation” (inflation and prices) in this story.
- XOM ExxonMobil Holdings+6.2% 16d
ExxonMobil Holdings (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story.
- NEM Newmont-14.3% 30d
Newmont (gold and silver ores): gold miners' profits move with the gold price. Linked by “gold” (gold) in this story.
- CVX Chevron+12.5% 30d
Chevron (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story.
- AEM Agnico Eagle Mines-7.6% 30d
Agnico Eagle Mines (gold and silver ores): gold miners' profits move with the gold price. Linked by “gold” (gold) in this story.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| USO | +4.37% | +7.30% | base | +0.72% | after close | after close | after close |
| XLE | +1.44% | +2.16% | base | -0.11% | after close | after close | after close |
| GLD | +2.96% | +1.94% | base | -0.49% | after close | after close | after close |
| TIP | -0.07% | +0.06% | base | -0.22% | after close | after close | after close |
| XOM | +0.06% | +1.89% | base | -0.60% | after close | after close | after close |
| NEM | +3.24% | +2.46% | base | -1.74% | after close | after close | after close |
| CVX | +0.19% | +1.58% | base | -0.56% | after close | after close | after close |
| AEM | +6.04% | +3.07% | base | -1.79% | after close | after close | after close |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
Gold falls as higher oil stokes inflation fears ahead of US midterms TradingView
Source: TradingView
How far United States Oil Fund (USO) has moved since 3 Nov 2026
| Company | When | Move | Status |
|---|---|---|---|
| Agnico Eagle Mines (AEM) | that day | -1.79% | still updating |
| Agnico Eagle Mines (AEM) | three days earlier | +3.07% | final price |
| Agnico Eagle Mines (AEM) | five days earlier | +6.04% | final price |
| Chevron (CVX) | that day | -0.56% | still updating |
| Chevron (CVX) | three days earlier | +1.58% | final price |
| Chevron (CVX) | five days earlier | +0.19% | final price |
| Spdr Gold Trust (GLD) | that day | -0.49% | still updating |
| Spdr Gold Trust (GLD) | three days earlier | +1.94% | final price |
| Spdr Gold Trust (GLD) | five days earlier | +2.96% | final price |
| Newmont (NEM) | that day | -1.74% | still updating |
| Newmont (NEM) | three days earlier | +2.46% | final price |
| Newmont (NEM) | five days earlier | +3.24% | final price |
| Ishares Tr (TIP) | that day | -0.22% | still updating |
| Ishares Tr (TIP) | three days earlier | +0.06% | final price |
| Ishares Tr (TIP) | five days earlier | -0.07% | final price |
| United States Oil Fund (USO) | that day | +0.72% | still updating |
| United States Oil Fund (USO) | three days earlier | +7.30% | final price |
| United States Oil Fund (USO) | five days earlier | +4.37% | final price |
| Select Sector Spdr Tr (XLE) | that day | -0.11% | still updating |
| Select Sector Spdr Tr (XLE) | three days earlier | +2.16% | final price |
| Select Sector Spdr Tr (XLE) | five days earlier | +1.44% | final price |
| ExxonMobil Holdings (XOM) | that day | -0.60% | still updating |
| ExxonMobil Holdings (XOM) | three days earlier | +1.89% | final price |
| ExxonMobil Holdings (XOM) | five days earlier | +0.06% | final price |
Trades by members of Congress and officials in the stocks in this story
- Rep. Pete Sessions sold ExxonMobil Holdings (XOM), worth $1,001 - $15,000 on 14 Oct 2026. That is 20 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Kevin Hern sold ExxonMobil Holdings (XOM) (jointly held), worth $100,001 - $250,000 on 31 Aug 2026. That is 64 days before publication. Filed 25 Sep 2026. View the filing.
- Donald J Trump, an executive branch official, bought Newmont (NEM), worth $1,001 - $15,000 on 24 Aug 2026. That is 71 days before publication. Filed 8 Oct 2026. View the filing.
- Rep. Pete Sessions sold Chevron (CVX), worth $15,001 - $50,000 on 14 Oct 2026. That is 20 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Kevin Hern sold Chevron (CVX) (jointly held), worth $15,001 - $50,000 on 23 Sep 2026. That is 41 days before publication. Filed 13 Oct 2026. View the filing.
- Rep. Maria Elvira Salazar bought Chevron (CVX), worth $1,001 - $15,000 on 2 Sep 2026. That is 62 days before publication. Filed 7 Oct 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
Companies in energy around United States Oil Fund (USO)
Companies tied to this story
- USO United States Oil Fund
For “Gold falls as higher oil stokes inflation fears ahead of US midterms,” United States Oil Fund (USO) is linked, with no stored direction, medium confidence. Reason on file: United States Oil Fund: its price follows crude oil. Linked by “oil” (oil) in this story
- XLE Select Sector Spdr Tr
In “Gold falls as higher oil stokes inflation fears ahead of US midterms,” Select Sector Spdr Tr (XLE) is linked, with no stored direction, medium confidence. Reason on file: Energy Select Sector SPDR: its price follows crude oil. Linked by “oil” (oil) in this story
- GLD Spdr Gold Trust
Spdr Gold Trust (GLD) is linked, with no stored direction, medium confidence in the 3 Nov 2026 story “Gold falls as higher oil stokes inflation fears ahead of US midterms.” Reason on file: SPDR Gold Shares: it follows gold or gold miners. Linked by “gold” (gold) in this story
- TIP Ishares Tr
In “Gold falls as higher oil stokes inflation fears ahead of US midterms,” Ishares Tr (TIP) is linked, with no stored direction, medium confidence. Reason on file: iShares TIPS Bond ETF: it is a common hedge when prices rise. Linked by “inflation” (inflation and prices) in this story
- XOM ExxonMobil Holdings
For “Gold falls as higher oil stokes inflation fears ahead of US midterms,” ExxonMobil Holdings (XOM) is linked, with no stored direction, medium confidence. Reason on file: ExxonMobil Holdings (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story
- NEM Newmont
Newmont (NEM) is linked, with no stored direction, medium confidence in the 3 Nov 2026 story “Gold falls as higher oil stokes inflation fears ahead of US midterms.” Reason on file: Newmont (gold and silver ores): gold miners' profits move with the gold price. Linked by “gold” (gold) in this story
- CVX Chevron
For “Gold falls as higher oil stokes inflation fears ahead of US midterms,” Chevron (CVX) is linked, with no stored direction, medium confidence. Reason on file: Chevron (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story
- AEM Agnico Eagle Mines
For “Gold falls as higher oil stokes inflation fears ahead of US midterms,” Agnico Eagle Mines (AEM) is linked, with no stored direction, medium confidence. Reason on file: Agnico Eagle Mines (gold and silver ores): gold miners' profits move with the gold price. Linked by “gold” (gold) in this story
United States Oil Fund (USO) and the energy link
“Gold falls as higher oil stokes inflation fears ahead of US midterms” (3 Nov 2026) reaches United States Oil Fund (USO) through Energy.
The link for United States Oil Fund (USO) is this: United States Oil Fund: its price follows crude oil. Linked by “oil” (oil) in this story
A second company, Select Sector Spdr Tr (XLE), is listed for a different reason: Energy Select Sector SPDR: its price follows crude oil. Linked by “oil” (oil) in this story
What this energy story puts on the calendar
GLD traded between 373.41 and 400.78 across 20 sessions. The latest close on file is 379.67. USO traded between 141.82 and 171.80 across 20 sessions. The latest close on file is 156.89. XLE traded between 62.95 and 70.15 across 20 sessions. The latest close on file is 67.26.
How solid the energy case looks
54 out of 100Price not final
“Gold falls as higher oil stokes inflation fears ahead of US midterms” scores 54 out of 100. The score uses 2 sources, and 8 linked companies. The price is not final yet.