XAU/USD surges as oil slumps on Iran diplomacy hopes; BoE hike to 4% eyed

Gold was the standout mover in the Asia-Pacific session, rising sharply as oil slumped on hopes for Iran diplomacy. The source describes this move as an early test of a Citi thesis but gives no details of that thesis. It also reports no gold price, percentage move or levels. Regional equities were mixed. In Japan, 168 of 225 Nikkei stocks rose, but losses in AI-related names dragged the index lower while the Topix rallied. South Korea's KOSPI slid 4%. The FT reported that China has blocked SoftBank's $5.4 billion ABB robotics deal, a blow to Masayoshi Son's AI push. In crypto, bitcoin bulls are back after the US midterms, with $82,000 flagged as a pivotal level. On the central bank front, a Bank of England preview says a first hike to 4% is expected, with energy cited as a factor. The source reports no forex price moves, pip figures or currency levels. Traders should watch whether gold's rally holds alongside falling oil and how sterling responds to the BoE decision.