Gold edges higher as cheaper oil eases inflation worries, but Fed bets cap gains
Spot gold rose 0.2% to $4,073.59 an ounce as lower oil prices eased inflation fears, while strong US jobs data kept bets on a Fed rate hike alive, per Reuters.
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what happened
Gold prices rose only slightly on Monday, according to Reuters, as cheaper oil reduced concerns about inflation. Gains were limited by expectations that the Federal Reserve will keep US interest rates high for longer after a strong labor market report. Spot gold was at $4,073.59 an ounce, while December US gold futures stood at $4,082.30.
US job growth picked up in October and the unemployment rate dropped to 4.1%. According to CME's FedWatch tool, the probability of a Fed rate increase in December rose to 79% from 71% before the payrolls data. Spot silver gained 0.9% to $52.32 an ounce, platinum rose 0.8% to $1,545.13 and palladium climbed 0.9% to $1,032.52.
why it matters
Higher rates raise the opportunity cost of holding gold, which pays no interest, so the metal loses some appeal for investors. Expected tightening by the Bank of Japan adds to the pressure. For short-term moves, the weekly rally of about 5% and the drop in oil may matter more than the rate outlook itself.
market impact
Gold and silver: Fed rate bets weigh, while cheaper oil supports metals
- Gold mixed — lower oil eases inflation worries, but expectations of a Fed rate hike limit gains
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instruments
sources
- Gold edges up as softer crude tempers inflation concerns — Reuters, 9 November 2026 at 00:41 UTC
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