Gold and silver rose more than 2% on Monday (2), as unexpected progress in U.S.-Iran peace talks put downward pressure on oil prices.
Bitcoin missed the rally and fell to around $76,000.
What changed in the negotiations?
According to Reuters, Iranian negotiators left talks with Qatari mediators on Sunday, but a new peace proposal is circulating.
Tehran says its seven-step plan can be implemented within two days, potentially reopening the Strait of Hormuz if Washington ends its blockade of Iranian ports. Iran’s Foreign Minister, Abbas Araqchi, described the consultations as “very intense.”
There are caveats. President Donald Trump rejected an earlier proposal, and Iranian sources still consider a resumption of US attacks more likely than an agreement. This is the same scenario BeInCrypto has been tracking since Trump declared war on Iran and oil prices surged.
Why does falling oil help gold and silver?
Oil fell more than 6% amid diplomatic progress. Gold rebounded after its worst October since 2008, and silver returned to the $50 level. One market estimate attributed part of gold’s recovery to $428 billion in gains on contracts, rather than new investments.
These moves indicate that oil has become one of the main short-term drivers of precious metals.
The logic is as follows. Cheaper energy reduces inflation fears, easing pressure on the Federal Reserve (Fed) to raise interest rates. With lower rates expected, gold becomes more attractive because investors give up less income by choosing it. Silver benefits in a similar way.
A lasting agreement with Iran could therefore support a broader recovery in both metals, provided oil continues to fall and the likelihood of an interest rate hike diminishes.
The relationship, however, is not guaranteed. Bond yields and fluctuations in the dollar remain relevant.
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. pic.twitter.com/aYmMUjUNAE
— Bull Theory (@BullTheoryio) November 2, 2026
The market still assigns a 77% probability to a Fed rate hike in December.
Gold advocate Peter Schiff separately accused Trump of manipulating oil prices, but provided no evidence.
The market still assigns a 77% probability to a Fed rate hike in December.
Separately, gold advocate Peter Schiff accused Trump of manipulating oil prices, but provided no evidence.
Why did Bitcoin miss out on the rally?
Bitcoin barely reacted to earlier signs of peace. The asset is also still recovering from the $6.3 billion hack at Binance, followed by $643 million in outflows from Bitcoin ETFs.
According to Glassnode, corporate and ETF investors bought BTC at an average price between $80,000 and $81,500. With Bitcoin below this range, many are sitting on unrealized losses, adding pressure to an already unstable market.
What should investors watch?
Talks with Iran: A peace deal could put downward pressure on oil, while new military strikes could reverse the move
US midterm elections, Tuesday (3): The results could influence Washington’s stance toward Iran
US jobs report, Friday (6): Strong hiring could reinforce bets on a Fed rate hike and threaten the metals’ recovery
The article Gold and silver rise 2% on signs of US-Iran peace, while Bitcoin misses out was first published on BeInCrypto Brasil.