Gold Holds Above US$4,000 After a Strong US Jobs Report Lifts December Hike Odds — Precious Metals Daily Update, November 7, 2026

Precious metals go into the weekend holding most of a strong week, after a far stronger than expected United States jobs report on Friday, November 6, 2026 trimmed gold’s post-election rally but could not push it back below US$4,000 per ounce. Gold held around US$4,071.67 / C$5,751.48 per ounce at Friday’s close, down 0.41 percent in US dollars but up 0.37 percent in Canadian dollars, because a weaker Canadian dollar lifted the local price. Silver held around US$51.94 / C$73.38 per ounce, up 0.29 percent in US dollars and up 1.08 percent in Canadian dollars, while platinum held around US$1,539.00 / C$2,171.75 per ounce, up 1.29 percent in US dollars and up 1.94 percent in Canadian dollars. Gold traded between US$4,027.43 and US$4,106.99 per ounce on Friday, silver traded between US$51.19 and US$52.37 per ounce, and platinum traded between US$1,504.90 and US$1,553.72 per ounce. US nonfarm payrolls rose 165,000 in October, well above the forecast near 65,000, the unemployment rate slipped to 4.1 percent from 4.2 percent, monthly wage growth came in at 0.4 percent, and the two prior months were revised up by a combined 84,000 jobs. The report lifted the US dollar index about 0.72 percent to near 102.30 and the 10-year Treasury yield to about 4.86 percent, and traders now see roughly a 77 to 81 percent chance of a Federal Reserve rate hike at the December 8 to 9 meeting, up from about 67 to 69 percent before the release, according to CME FedWatch. Gold fell toward US$4,028 per ounce in the hour after the report before recovering much of the loss into the close, and it still finished the week up about 5 percent, its best week since August. Canada’s October report pointed the other way: employment fell 4,700 against a forecast gain near 13,600, the unemployment rate rose to 6.7 percent from 6.5 percent, the private sector shed 53,000 jobs, and the Canadian dollar fell about 0.8 percent to near 70.8 US cents, its sharpest daily drop since January. World Gold Council figures also showed central banks bought a net 61 tonnes of gold in September, the largest monthly total of 2026, which continues to underpin the market on pullbacks. For investors: Friday’s price action was constructive rather than alarming. Gold absorbed a payrolls beat nearly three times the forecast, a firmer dollar and higher yields, and still closed above US$4,000 per ounce with a weekly gain near 5 percent. That said, the easy part of the rebound from last month’s low is done, and the December hike debate now runs through Tuesday’s inflation report. A hot CPI print would harden hike pricing, lift the dollar and yields again and test Friday’s low near US$4,027 per ounce, while a cooler print would challenge that pricing and reopen the path toward Thursday’s high near US$4,147 per ounce. Staggered buying on pullbacks toward support, rather than chasing strength into a CPI release with hike odds already near 80 percent, remains the more disciplined approach for Gold Stock Corp customers. For jewelers: Canadian replacement costs rose on Friday even where US prices eased, because the Canadian dollar’s 0.8 percent slide did the moving. Gold near C$5,751.48 per ounce is about C$21.25 per ounce above the previous close, silver near C$73.38 per ounce is up about C$0.78 per ounce, and platinum near C$2,171.75 per ounce is up about C$41.28 per ounce, so quotes printed earlier in the week are already stale in Canadian dollars. With Tuesday’s US CPI able to move all three metals sharply in either direction, locking metal against confirmed holiday orders and keeping trade and scrap buying aligned to live spot helps protect margins through the release. 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 other Federal Reserve officials including Michelle Bowman also speaking during the day: 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): this is the last CPI report the Fed sees before its December 8 to 9 meeting, so 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), 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) (prior September readings of 1.3 percent month over month and 6.3 percent year over year, with core forecast near 4.9 percent year over year against 5.0 percent prior), with New York Fed President John Williams 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