Historical replay · PAXG/USD
Gold's $65 Climb as Oil Lost 7.6% (November 2026)
Tokenised gold rose from $3,908 to $3,973.74 on November 2, 2026, as oil fell 7.6% and Treasury yields eased, then slipped back to $3,924 overnight after a report of US strikes on Iran. Replay gold trading the oil story.
PAXG, a token backed by one troy ounce of gold, opened Monday, November 2, at $3,911.21 and spent the Asian and European sessions in a narrow band between $3,900.86 and $3,929.16. Gold had fallen 3.3% on Friday, losing $4,000 an ounce in futures trading, and the market was waiting for direction from the US.
It came from oil. As crude extended its losses on reports that President Trump wanted to give diplomacy with Iran more time, Treasury yields and the dollar eased, and gold, which pays no interest, became cheaper to hold. The 13:00 UTC hour jumped from $3,908.18 to $3,956 on $1.3 million of volume, the heaviest hour of the replay, and the 14:00 hour, which includes the New York open, added another 0.6% to $3,968.74.
The high came at $3,973.74 in the 16:00 UTC hour, $65 or 1.7% above the morning low, while Brent was on its way to a 7.6% fall and a settlement at $104.77. The token then drifted lower through the US afternoon, to $3,944.25 in the 19:00 hour, as stocks gave up their early gains. Gold futures settled about 1.8% higher at $3,969.60.
The overnight session reversed part of the move. After a Wall Street Journal report that US forces had struck Iran's Qeshm Island, oil rose in Asia and the token fell to $3,930.01 in the 03:00 UTC hour and $3,924.01 in the 05:00 hour, about 0.3% above where it began on Monday. The replay shows gold trading as a rates asset rather than a war hedge on this day: it rose when lower oil promised lower inflation and yields, and gave ground when the war premium returned to crude.