Gold Rises Toward $4,100 as Weaker Dollar Offsets Expectations of December Fed Rate Increase Fiona Craig Mon, November 9, 2026 at 5:07 AM EST 4 min read GC=F +0.77% DX-Y.NYB -0.45% SI=F +1.21% PL=F +0.91% PA=F +0.97% Large gold nugget ©James St. John Gold prices advanced on Monday, November 9, 2026, supported by a decline in the US dollar, as investors evaluated the outlook for Federal Reserve interest rates following stronger-than-expected American employment figures.
At 08:48 GMT, spot gold rose 0.7% to $4,098.03 per ounce, while US gold futures increased 0.8% to $4,106.47 per ounce.
Other precious metals also recorded gains. Spot silver advanced 1.2% to $52.56 per ounce, platinum climbed 0.7% to $1,549.08, and palladium rose 1.2% to $1,029.25.
The US Dollar Index declined 0.4% to 101.88, providing support for dollar-denominated commodities.
The increase in gold prices followed a decline on Friday, when stronger US employment data reinforced expectations that the Federal Reserve could raise interest rates at its December policy meeting.
Gold approached the $4,100-per-ounce level as the US currency weakened against a basket of major currencies.
A lower dollar can make gold less expensive for buyers using other currencies, potentially supporting demand for the metal.
The US Dollar Index fell 0.4% to 101.88 during early trading, coinciding with gains across the precious metals market.
Spot gold increased to $4,098.03 per ounce, while futures prices moved above $4,100.
Silver, platinum and palladium also advanced, with silver and palladium each gaining 1.2%.
The movements came as investors assessed the relationship between currency markets, inflation expectations and the Federal Reserve's monetary policy outlook.
Gold had declined 0.4% on Friday, trading near $4,070 per ounce after US employment figures exceeded market forecasts.
The October employment report showed that American employers added 165,000 jobs, surpassing all forecasts cited in the source material.
The unemployment rate also edged lower, indicating continued resilience in the labour market.
The figures contributed to expectations that the Federal Reserve could implement additional interest-rate increases to address persistent inflation.
Higher interest rates can affect demand for gold because the metal does not generate interest income, while interest-bearing assets may become more attractive.
Separate economic data showed that US consumer sentiment unexpectedly improved in early November, reaching its highest level in three months.
The combination of employment growth and improved consumer confidence provided additional information about the condition of the US economy ahead of the Federal Reserve's December meeting.
Gold had previously moved back above $4,000 per ounce following the US midterm elections.
The recovery coincided with declines in US Treasury yields and crude oil prices, amid expectations that the incoming Democratic lawmakers would seek progress toward ending the conflict with Iran.
Investors also considered the possibility that divided political control in Washington could limit additional government spending and borrowing.
Such expectations contributed to reduced concerns about the US fiscal outlook and coincided with lower Treasury yields.
However, the subsequent employment report altered market expectations concerning the direction of interest rates, reversing part of gold's earlier advance.
Despite its recent recovery, gold remained approximately 20% below its level before the US-Iran conflict began in late February, according to the supplied market report.
Analysts at ANZ described gold trading as volatile during the previous week, reflecting uncertainty surrounding economic conditions and political developments.
The metal initially advanced following the US midterm elections, supported by declining Treasury yields and lower oil prices.
Those gains were partially reversed after Friday's employment report indicated stronger-than-expected job creation.
The figures renewed expectations that the Federal Reserve could raise interest rates further, introducing an additional consideration for gold investors.
The contrasting movements reflected changing market assessments of monetary policy, geopolitical developments and economic activity.
Investors are now awaiting Tuesday's US Consumer Price Index report for October.
The figures will provide further information about inflation and may influence expectations for the Federal Reserve's next interest-rate decision.
Before the December policy meeting, Federal Reserve officials are expected to receive another employment report and additional inflation data.
According to the supplied report, financial markets were anticipating another interest-rate increase in December, partly reflecting concerns about elevated energy prices.
The forthcoming economic releases will help investors assess whether employment conditions and inflation trends support that expectation.
Gold rose to $4,098.03 per ounce on Monday, recovering from Friday's decline as the weaker US dollar supported precious metals prices.
The advance occurred despite expectations of a possible Federal Reserve interest-rate increase in December following stronger employment figures.
Investors will monitor the upcoming inflation report, further labour-market data and movements in Treasury yields and the dollar for additional indications of the monetary policy outlook.
