Gold Holds Above US$4,000 Into the Weekend as Traders Brace for Tuesday’s CPI Test — Precious Metals Daily Update, November 8, 2026

Precious metals head into Sunday, November 8, 2026 with markets closed for the weekend and Friday’s close still setting the tone, after gold defended the US$4,000 level through a strong United States jobs report and finished the week up about 5.2 percent, its best week since August. 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. On Friday gold traded between US$4,027.43 and US$4,106.99 per ounce, 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, after gold had touched a weekly high near US$4,147 per ounce on Thursday. 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, and traders lifted the chance of a Federal Reserve rate hike at the December 8 to 9 meeting to roughly 77 to 81 percent, up from about 67 to 73 percent before the report, according to CME FedWatch. The US dollar rose about 0.7 percent to its highest level since October 29 and the 10-year Treasury yield held near 4.86 to 4.87 percent, yet gold recovered from a low near US$4,028 per ounce to close well above support at US$4,032, US$4,016 and then US$4,000. 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, and the Canadian dollar weakened toward 70.8 US cents, which is why all three metals rose in Canadian dollars on Friday even where US prices eased. Analysts surveyed by Kitco News are divided into the new week, with 31 percent expecting gold to rise, 38 percent expecting a decline and 31 percent expecting sideways trade, and World Gold Council figures showing central banks bought a net 61 tonnes in September continue to underpin the market on pullbacks. For investors: The weekend position is constructive but not comfortable. Gold absorbed a payrolls beat nearly three times the forecast, a firmer dollar and higher yields, and still held US$4,000 with a weekly gain above 5 percent, which argues that buyers are still defending pullbacks. The next move, however, now runs through Tuesday’s inflation report rather than through Friday’s jobs data. A hot CPI print would harden December hike pricing, lift the dollar and yields again and put Friday’s low near US$4,027 per ounce and then US$4,000 back under pressure, while a cooler print would challenge hike pricing near 80 percent and reopen the path toward US$4,135 to 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 than they looked a week ago, even though US gold eased on Friday, because the Canadian dollar’s slide did the moving. Gold near C$5,751.48 per ounce, silver near C$73.38 per ounce and platinum near C$2,171.75 per ounce are all above their prior closes in Canadian dollars, so quotes printed earlier in the week 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): 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) and October existing home sales, 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 and core near 4.9 percent year over year against 5.0 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