⚡ Key numbers:
- $4,140 – spot gold price per ounce on Monday, rising 1.59%
- $53.26 – silver price per ounce following a 2.81% advance
- 79.6% – CME FedWatch odds of a Fed rate hike in December
- 4.1% – US unemployment rate recorded in October
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Geopolitical optimism fuels precious metals rebound
During Monday's trading session, gold advanced to $4,140 per ounce, gaining 1.59% from its prior close. Sentiment received a boost from post-US midterm election dynamics, which sparked optimism regarding an eventual de-escalation of the war involving Iran.
The bullion market had earlier witnessed strong volatility, having recovered above $4,000 in recent weeks. Silver mirrored the upward move on Monday, climbing 2.81% to reach $53.26 per ounce, while the US Dollar Index eased slightly by 0.15% to 102.15.
“Gold gapped lower on a stellar employment report (that was) strong across the board, but is trying to claw back higher. This is a litmus test for this week's rally”
— Tai Wong, independent metals trader (via FXStreet)
Robust US payrolls test the rate outlook
Despite the recovery, gains remain constrained by robust economic indicators. The US Bureau of Labor Statistics reported that nonfarm payrolls expanded well ahead of forecasts in October, while the unemployment rate declined to 4.1% from 4.2% in September.
The robust employment numbers reinforced bets that the Federal Reserve will maintain high borrowing costs. Traders priced a 79.6% probability of a rate increase at the Fed's December meeting, up from 72.8% prior to the jobs release, according to the CME FedWatch tool.
Treasury yields support as equity risks linger
Analysts at OCBC observed that bullion pared earlier gains after touching a two-week high above $4,140 overnight, pointing out that softer US Treasury yields continued to lend support even as dollar stabilization checked momentum.
The broader equity sell-off continues to test gold's safe-haven appeal ahead of the upcoming US CPI release.
What to watch next
- Release of the US Consumer Price Index report
- Interest rate probability shifts on the CME FedWatch tool ahead of the December FOMC meeting
- Geopolitical developments regarding the conflict with Iran following the US midterms
Frequently asked questions
What drove the gold price rebound above $4,100?
Gains were supported by hopes for an end to the Iran conflict following the US midterm elections and softer US Treasury yields, which helped offset headwinds from strong employment figures.
How did the latest US jobs report affect Fed rate expectations?
According to the CME FedWatch tool, expectations for a Federal Reserve rate hike in December climbed to 79.6%, compared with 72.8% before the jobs data.
How are other precious metals performing alongside gold?
Silver also recorded strong gains on Monday, advancing 2.81% to reach $53.26 per ounce alongside gold's 1.59% increase to $4,140.
Sources: FXStreet, Comparic, Yahoo Finance.
Disclaimer: This article is for information purposes only and does not constitute investment advice. Data as of Nov 9, 2026, 06:02 may vary by source. Trading leveraged CFDs carries a high risk of losing money.
