Gold hits over two-week high of US$4,146.63/oz on Nov 5
Spot gold rose 1% to US$4,100.27 an ounce on November 5 as weaker oil eased inflation fears, with investors awaiting US jobs data on November 6.
- Spot gold reached a two-week high of US$4,146.63 an ounce on November 5.
- The price increase was driven by a weaker US dollar, lower Treasury yields, and falling oil prices which eased inflation concerns.
- This peak represents a recovery of over US$250 from a one-year low recorded on October 30.
- Investors are now awaiting a US employment report for clues on the Federal Reserve's potential interest rate hike in December.
Global spot gold reached US$4,146.63 an ounce on November 5, 2026, its highest level since October 20, as a weaker US dollar and lower Treasury yields supported the metal. Falling oil prices also eased inflation concerns ahead of a closely watched US employment report.
Spot gold subsequently traded 1% higher at US$4,100.27 an ounce at 2.05pm US Eastern Time, or 7.05pm GMT, on November 5. US gold futures for December delivery settled 1% higher at US$4,113.50 an ounce.
Gold’s advance followed a jump of nearly 3.4% on November 4, its biggest daily gain since August 19. At its November 5 intraday peak, gold had recovered more than US$250 an ounce from the one-year low of US$3,869.85 recorded on October 30.
Weaker dollar and cheaper oil support gold
The US dollar index hovered near its lowest level since September 30 on November 5, making gold cheaper for buyers using other currencies. The benchmark US 10-year Treasury yield was also near its lowest level in almost two months.
Brent crude remained below US$100 a barrel after falling nearly 9% on November 4. The oil sell-off reflected hopes that strong Democratic gains in the US elections could reduce the risk of further escalation in the Iran war.
David Meger, director of metals trading at High Ridge Futures, said: “It's not that at this point rate hike expectation has completely disappeared.” Meger added that weaker energy prices could ease inflation fears and reduce the need for further interest-rate increases.
US jobs report puts December rate rise in focus
Traders assigned a 66% probability to a December interest-rate increase by the US Federal Reserve on November 5, according to CME Group’s FedWatch tool. Higher interest rates increase the opportunity cost of holding gold, which pays no interest.
Investors were awaiting the US non-farm payrolls report, scheduled for November 6, to assess the Federal Reserve’s likely policy direction.
Independent metals trader Tai Wong said recent payrolls figures had been volatile and that “gold could be vulnerable to a stronger-than-expected print”. Wong added that a strong employment reading would probably reinforce the December rate rise already widely anticipated by the market.
Poland reaches 700-tonne gold reserve target
Poland’s central bank has achieved its previously announced target of holding 700 tonnes of gold in its reserves. The central bank has left open the possibility of further purchases.
Silver holds steady as platinum and palladium rise
Other precious metals recorded the following spot prices on November 5:
- Silver was unchanged at US$52.23 an ounce.
- Platinum rose 1.6% to US$1,520.75 an ounce.
- Palladium gained 3.8% to US$1,042.24 an ounce.
