Gold Climbs Back Above US$4,100 as Softer Oil Eases Inflation Worries — Precious Metals Daily Update, November 9, 2026

Precious metals opened the new week higher on Monday, November 9, 2026, as softer oil prices eased inflation worries, the US dollar weakened and hopes for a diplomatic resolution to the US-Iran conflict pressured crude. Gold held around US$4,118.30 / C$5,809.26 per ounce, up 1.15 percent in US dollars and up 1.00 percent in Canadian dollars. Silver held around US$52.61 / C$74.21 per ounce, up 1.29 percent in US dollars and up 1.13 percent in Canadian dollars, while platinum held around US$1,563.41 / C$2,205.36 per ounce, up 1.59 percent in US dollars and up 3.52 percent in Canadian dollars. In early trading gold traded between US$4,054.42 and US$4,134.25 per ounce, silver traded between US$51.40 and US$53.46 per ounce, and platinum traded between US$1,532.54 and US$1,568.52 per ounce, with gold pressing toward last Thursday’s high near US$4,147 per ounce. The move extends last week’s gain of about 5 percent for gold, even after Friday’s strong US payrolls report lifted the chance of a Federal Reserve rate hike at the December 8 to 9 meeting to roughly 77 to 81 percent. Reuters reported spot gold up 1.6 percent to US$4,129.69 per ounce in early Monday trading, and Kitco reported spot gold near US$4,124.74 per ounce, up US$54.15 or 1.33 percent, with spot silver near US$52.76 per ounce, up 1.57 percent, which corroborates the direction and level on Gold Stock Corp’s live feed. Softer oil reduces one source of inflation pressure ahead of Tuesday’s consumer price report, and a weaker dollar makes dollar-priced metals cheaper for holders of other currencies, including Canadian buyers, even as high December hike pricing remains a headwind if inflation comes in hot. For investors: The Monday position is constructive, because gold, silver and platinum all rose together despite December hike odds near 80 percent and despite Friday’s payrolls beat. That resilience argues buyers are still defending pullbacks, with support near US$4,054 to US$4,072 per ounce for gold and resistance near US$4,134 to US$4,147 per ounce. The next move, however, runs through Tuesday’s CPI rather than through Monday’s oil and dollar move. A hot CPI print would harden hike pricing, lift the dollar and yields and put Monday’s low back under pressure, while a cooler print would challenge hike pricing and reopen the path above US$4,147 per ounce. Staggered buying on pullbacks toward support, rather than chasing strength into a CPI release, remains the more disciplined approach for Gold Stock Corp customers. For jewelers: Canadian replacement costs start the week higher across all three metals, with gold near C$5,809.26 per ounce, silver near C$74.21 per ounce and platinum near C$2,205.36 per ounce, and platinum showing the largest Canadian dollar gain at 3.52 percent. Quotes printed on Friday are already stale. With Tuesday’s US CPI and Friday’s PPI both able to move all three metals sharply in either direction, and with thinner liquidity around Wednesday’s US Veterans Day bond market closure, locking metal against confirmed holiday orders and keeping trade and scrap buying aligned to live spot helps protect margins through the week. Coming up — events that will move metals this week: Monday, November 9, 10:00 AM ET — Chicago Fed President Austan Goolsbee speaks in a moderated question and answer session, with Fed Vice Chair for Supervision Michelle Bowman speaking at 8:40 AM ET, Richmond Fed President Tom Barkin at 12:15 PM ET and the New York Fed consumer expectations survey at 11:00 AM ET: with December hike odds near 80 percent after the payrolls beat, any pushback against hike pricing would soften the dollar and support gold, silver and platinum, while hawkish comments would do the opposite. Tuesday, November 10, 8:30 AM ET — US October consumer price index (CPI) (consensus near 0.3 percent month over month for headline and 0.2 percent for core, against prior September readings of 0.6 percent headline and 0.3 percent core month over month, with headline inflation at 3.7 percent year over year and core at 2.6 percent prior): this is the last CPI report the Fed sees before its December 8 to 9 meeting, and the Bureau of Labor Statistics has said it will not publish 12-month changes for many indexes because October 2025 data were not collected during last year’s shutdown, so the monthly figures carry extra weight. A hot print would harden hike expectations and pressure all three metals, while a cooler print would revive the rally toward last week’s highs. Thursday, November 12, 8:30 AM ET — US weekly jobless claims (prior reading 189,000, consensus near 193,000 to 194,000) and October existing home sales at 10:00 AM ET, with Cleveland Fed President Beth Hammack also speaking during the day: claims are the first labour check after the strong payrolls report, so another low reading would keep the firm labour story intact ahead of the December meeting, while a jump would soften it. Wednesday, November 11 is Veterans Day in the United States, when the bond market is closed and thinner liquidity can exaggerate moves in metals. Friday, November 13, 8:30 AM ET — US October producer price index (PPI) (consensus near 0.4 percent month over month against a prior September reading of 1.3 percent, with core consensus near 0.3 percent against 0.7 percent prior), with New York Fed President John Williams, San Francisco Fed President Mary Daly and Fed Vice Chair Philip Jefferson among the officials speaking later in the day: PPI shows whether pipeline price pressure is building behind CPI, so a hot print after a firm CPI would confirm the inflation story weighing on metals, while a soft print would ease it. Live prices: https://www.goldstocklive.com