Strong October US nonfarm payrolls and a slight fall in the unemployment rate have reinforced market bets on a December Fed rate hike, keeping the dollar bid and extending last week’s pullback in gold. After a 0.4% drop on Friday, gold is trading around $4,060/oz. Early-November US consumer confidence rose to a three-month high. Markets face another jobs report and a full slate of inflation releases before the December FOMC; persistently high energy prices are seen supporting headline inflation

2026-11-09

Strong October US nonfarm payrolls and a slight fall in the unemployment rate have reinforced market bets on a December Fed rate hike, keeping the dollar bid and extending last week’s pullback in gold. After a 0.4% drop on Friday, gold is trading around $4,060/oz. Early-November US consumer confidence rose to a three-month high. Markets face another jobs report and a full slate of inflation releases before the December FOMC; persistently high energy prices are seen supporting headline inflation and prospects for further tightening. Vantage Global Prime analyst Hebe Chen says post-midterm volatility in gold reflects two opposing forces: sustained safe-haven demand versus a stronger dollar capping gains.