Gold Eases After US Payrolls Beat Forecasts, but Holds Above US$4,000 on Its Best Week in Over Two Months — Precious Metals Daily Update, November 6, 2026

Precious metals were mixed on Friday, November 6, 2026, after a much stronger than expected United States jobs report revived expectations for a December Federal Reserve rate increase and halted the dollar weakness that had powered this week’s rally. Gold held around US$4,070.59 / C$5,699.88 per ounce, down 0.63 percent in Canadian dollars from the previous close, but remained up about 5 percent for the week and on track for its strongest week in more than two months. Silver held around US$52.13 / C$72.95 per ounce, up 0.50 percent in Canadian dollars, while platinum held around US$1,537.66 / C$2,146.86 per ounce, up 0.77 percent in Canadian dollars. Gold had reached US$4,146.63 per ounce on Thursday, its highest level since October 20, before easing as oil prices rebounded and inflation concerns returned. United States nonfarm payrolls rose by 165,000 in October, well above the consensus forecast near 65,000, and September was revised higher to 60,000 from 29,000 previously reported. The unemployment rate fell to 4.1 percent, against a forecast for it to hold at 4.2 percent, and average hourly earnings rose 0.4 percent in the month, above the 0.3 percent forecast and the 0.1 percent increase in September, taking pay to US$38.00 per hour and up 3.1 percent from a year earlier. A resilient labour market gives the Federal Reserve more scope to focus on inflation, and stock futures pared gains after the release as traders lifted December hike pricing again. The Fed held rates at 3.75 to 4.00 percent in October. On Thursday, Goldman Sachs lowered its end of 2026 gold forecast to US$4,150 per ounce from US$4,650 per ounce, citing the Fed’s more hawkish stance, a reminder that higher for longer rates remain the main headwind for non-yielding bullion even after this week’s recovery. For investors: The payrolls beat changes the near term test for gold. Holding above US$4,000 per ounce after a report this strong shows underlying demand remains firm, but a close back below that level would warn that this week’s rebound is fading, while a renewed move above Thursday’s high near US$4,147 per ounce would open the way toward US$4,200 per ounce. December hike pricing will now swing with every inflation release, starting with consumer prices on Tuesday, so position sizing and staggered buying on pullbacks remain more disciplined than chasing strength into the data. Silver and platinum have held their weekly gains better today, but both remain more volatile than gold when yields move. For jewelers: Replacement costs remain elevated heading into the weekend. Gold near C$5,699.88 per ounce, silver near C$72.95 per ounce and platinum near C$2,146.86 per ounce mean quotes should start from today’s live marks rather than any price list printed earlier this week. A strong jobs report can lift the dollar and yields and pull metals lower within a single session, and Tuesday’s inflation report can do the same in either direction, so locking metal against confirmed holiday orders and keeping scrap and trade buying aligned to live spot helps protect margins for Gold Stock Corp customers. Customers holding metal to sell should also note that buyback values move with the same live spot, in both directions. Coming up — events that will move metals this week: Friday, November 6, 10:00 AM ET — United States University of Michigan consumer sentiment, preliminary November reading (consensus near 48.2, prior 48.0), with one year and five year inflation expectations: a jump in expected inflation would support December hike pricing and weigh on gold, silver and platinum, while softer sentiment and expectations would ease that pressure. Friday, November 6, 12:15 PM ET — Federal Reserve Governor Michelle Bowman speaks, the first scheduled Fed reaction after the October payrolls report: hawkish comments that endorse a December increase would lift the dollar and yields and test gold’s hold above US$4,000 per ounce, while any caution on growth would support metals. Tuesday, November 10, 8:30 AM ET — United States October consumer price index (CPI) (prior September reading 3.7 percent year over year, with core at 2.6 percent): this is the biggest remaining test before the Fed’s December meeting, so a hot print after strong payrolls would harden hike expectations and pressure all three metals, while a cooler print would give the week’s recovery room to build. Friday, November 13, 8:30 AM ET — United States October producer price index (PPI) (prior September reading 6.3 percent year over year): producer prices show pipeline inflation before it reaches consumers, so a firm reading would reinforce the CPI message if it is hot, and undercut it if it cools, moving rate expectations and metals with it. Live prices: https://www.goldstocklive.com