Gold Prices: Bullion Rises 1.4% as Softer Oil Eases Inflation Concerns

NEW YORK, November 9, 2026 — Gold prices climbed more than 1 per cent on Monday as falling oil prices eased inflation concerns, while investors awaited key US economic data and further guidance on the Federal Reserve’s interest-rate policy.

Spot gold gained 1.4 per cent to $4,123.46 per ounce by 0428 GMT. US gold futures for December delivery also advanced 1.4 per cent to $4,132.70 per ounce. Bullion had already gained approximately 5 per cent last week.

Oil prices declined after US President Donald Trump said he was highly unlikely to order further attacks on Iran while negotiations to end the conflict continued. The comments eased concerns about potential disruptions to global energy supplies.

Lower crude prices can reduce inflationary pressure and weaken expectations that interest rates will remain elevated for longer. This can support gold by lowering the opportunity cost of holding the non-yielding precious metal.

Tim Waterer, chief market analyst at KCM Trade, said Trump’s more conciliatory tone towards Iran had helped contain oil prices, easing some of the inflation pressure affecting gold. He also pointed to a modest decline in the US dollar as a factor supporting bullion.

The dollar weakened against other major currencies, making gold priced in US dollars more affordable for international buyers.

However, stronger US employment data could complicate the outlook for gold. Job growth accelerated in October, while the unemployment rate declined to 4.1 per cent, suggesting continued resilience in the labour market.

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The figures have strengthened expectations that the Federal Reserve could raise interest rates in December. According to CME’s FedWatch tool, traders now see an 81 per cent probability of a December rate increase, compared with 71 per cent before the latest payrolls report.

Investors are now focusing on US Consumer Price Index (CPI) data due on Tuesday and Producer Price Index (PPI) figures scheduled for Friday. Both reports could provide further clues about inflation trends and the Fed’s next policy decision.

Waterer warned that higher-than-expected inflation readings could strengthen the dollar and increase expectations of a December rate hike, putting renewed pressure on gold prices.

Other precious metals also recorded gains on Monday. Spot silver climbed 2.5 per cent to $53.15 per ounce, platinum rose 1.3 per cent to $1,553.23, while palladium advanced 2.1 per cent to $1,045.11 per ounce.