Global gold prices weakened during trading on Friday (November 6, 2026), as a stronger-than-expected US employment report fueled a rally in the US dollar and US government bond yields.
Spot gold fell 0.3% to US$4,074.36 per troy ounce, having previously dropped by more than 1% to touch a low of US$4,033.29. US gold futures for December delivery closed 0.9% lower at US$4,074.90. Despite this correction, gold still posted a weekly gain of approximately 5.2%, marking its strongest weekly performance since August.
Pressure on gold intensified after the October Nonfarm Payrolls (NFP) data revealed that US job growth exceeded expectations, while the unemployment rate declined to 4.1%. These conditions bolstered market confidence that the Federal Reserve retains the scope to maintain a tight monetary policy to curb inflation. According to the CME FedWatch Tool, the probability of a Federal Reserve interest rate hike in December rose to 81%, up from 72.8% previously. The US Dollar Index strengthened by approximately 0.7% to reach its highest level since October 29, while the 10-year US Treasury yield climbed—increasing the opportunity cost of holding non-interest-bearing assets like gold.
Meanwhile, a decline in oil prices—driven by hopes for an easing of the US-Iran conflict—has influenced global inflation expectations. Nevertheless, concerns regarding the security of energy supplies from the Middle East continue to weigh on the market. In India, physical demand for gold has reportedly increased ahead of the Diwali festival, following the precious metal’s correction from its recent highs. Meanwhile, silver rose 0.8% to US$52.18 per ounce and platinum climbed 1.6% to US$1,541.42, while palladium fell 0.6% to US$1,024.59. Investors are now closely monitoring the direction of the dollar, Treasury yields, and Federal Reserve policy to gauge the sustainability of gold's recovery.
Source: Newsmaker.id