Gold rose 1.29% to $4,118.28 per ounce on Monday, November 9, as lower oil prices and a weaker U.S. dollar bolstered the market, according to Mettis Global. Oil prices eased after President Donald Trump indicated that further military action against Iran was unlikely, and diplomatic efforts persisted, easing concerns about potential supply disruptions.
Lower energy costs helped temper inflation expectations and reduced the opportunity cost of holding non‑yielding gold. Nonetheless, October employment data revealed stronger job growth and an unemployment rate of 4.1%, pushing the market‑implied probability of a December Federal Reserve rate hike to 79% from 71% (CME FedWatch), as reported by CNBC. Investors awaited U.S. CPI on Tuesday and PPI on Friday; higher inflation could strengthen the dollar and pressure gold. Silver rose 2.8% to $53.31 per ounce, platinum gained 1.6% to $1,556.14, and palladium increased 2.1% to $1,044.28.
