Gold Holds Above $4,100 Despite Drop in US Weekly Jobless Claims

Key Facts

Gold prices maintained support above $4,100 per ounce despite pressure from a strengthening U.S. labor market. Kitco reported that the number of Americans filing for first-time unemployment benefits dropped to 189,000 for the week ending October 31, 2026, performing better than consensus estimates of 197,000.

The drop in jobless claims suggests positive momentum in the labor market, potentially giving the Federal Reserve room to raise interest rates in December. While robust labor data typically strengthens the dollar and weighs on bullion, gold remained resilient above technical support levels as nonfarm productivity grew by 3.6% for the quarter according to data released on November 5, 2026.

Market attention now turns to the Nonfarm Payrolls report scheduled for November 6, 2026, with forecasts anticipating the creation of 65,000 jobs. Several Federal Reserve officials, including Logan, Williams, and Bowman, are also slated to speak on the same day, which may provide further clarity on monetary policy.