Spot Gold Closes at $4,107.85 as Markets Await U.S. Inflation Data
Key Facts
Spot gold closed at $4,107.85 on November 8, 2026, topping the $4,100 level, according to EL7 data. The close followed the November 6 session, when the metal fell 0.3% to $4,074.36 an ounce after dropping to $4,033.29 during trading. Friday’s move followed a stronger-than-expected U.S. jobs report, which refocused the market on how labor-market strength could affect monetary policy. That day, independent metals trader Tai Wong said gold had dropped sharply after the employment report but was trying to recover its losses. Wong described the move as "a test of this week’s rally."
The U.S. economy added 165,000 jobs in October, exceeding the 65,000 jobs forecast by economists surveyed by Reuters. September job growth was also revised to 60,000 from 29,000 previously, Reuters reported. The October report came as the previous reading covered September; the revised figure therefore reflects an update to the prior period alongside stronger employment in the latest month. After the data were released on November 6, the dollar index rose 0.7% to 102.18, and the yield on two-year U.S. Treasuries climbed 5 basis points to 4.52%. Reuters reported that bond yields rose after the report was released before giving back some of their gains.
Despite falling during the November 6 session, gold posted weekly gains of 5.2% for the week ended that day and was on track for its best weekly performance since August, Reuters reported. That puts the subsequent close above $4,100 in the context of a week of strong gains, followed by pressure after the employment data. Wong linked gold’s decline to a report he described as broadly strong and said the metal was trying to rise again. He said the move was testing whether the week’s rally could hold. Markets’ response to the jobs report was also reflected in the dollar’s rise and the increase in the two-year Treasury yield after its release.
Inflation data remain the next focus. The September report showed that the U.S. consumer price index rose 3.7% year over year in the 12 months through September. The index rose 0.6% month over month in September, following a 0.4% increase in August, according to the U.S. Bureau of Labor Statistics. Economists expected the annual inflation rate to reach 3.9% in October, compared with 3.7% in September, according to an Associated Press report. The report said inflation had remained above 3% since March. Those figures and forecasts made the forthcoming October reading an important milestone for investors assessing the path of prices.
The U.S. Bureau of Labor Statistics had scheduled the release of the October consumer price index for November 10, 2026, at 08:30 a.m. On the same day, Federal Reserve Governor Christopher Waller was scheduled to deliver a speech titled "Economic Outlook" at the Bank of England Watchers Conference in London at 4:00 a.m., according to the U.S. central bank’s schedule. Ahead of the jobs report, the FedWatch tool put the probability of a December rate hike at 72.8%; that probability rose to 81% after the report, Reuters reported. This shift in market pricing provides immediate context for the inflation data and Waller’s speech. The forthcoming inflation reading and the monetary policymaker’s remarks remain the next scheduled milestones for the market.