Gold Price Today: XAU/USD Rises Above $4,100 Ahead of US Inflation Data

Key Takeaways

• Spot gold traded at $4,124 per troy ounce, up $53.90, or 1.32%, at the quoted timestamp.
• Strong US employment data has kept the risk of further Federal Reserve tightening in focus.
• Tuesday’s US inflation report is the next major catalyst, while $4,000 remains an important reference level.

Gold Price Today: Bullion Extends Its Recovery

Gold prices rose during Monday’s Asian trading session, recovering above $4,100 as investors assessed the outlook for US interest rates ahead of fresh inflation data.

The spot bid stood at $4,124 per troy ounce at 02:50 UTC on November 9, equivalent to 10:50 a.m. in Shanghai. The quoted gain was $53.90, or 1.32%, with the session range running from $4,053.40 to $4,135.10. These figures represent international spot gold rather than retail jewellery or bullion prices.

The advance followed Friday’s pullback after stronger-than-expected US employment figures renewed concerns about further monetary tightening. Gold’s rebound above $4,100 suggests that buying interest remains, although the inflation outlook continues to limit confidence in a sustained recovery.

Strong US Jobs Data Keeps Interest Rates in Focus

The US economy added 165,000 nonfarm jobs in October, according to figures released on Friday. The unemployment rate was 4.1%, while average hourly earnings increased 0.4% from September and 3.1% over the year.

The report also revised August and September payroll growth upward by a combined 84,000 jobs, strengthening the picture of labour-market resilience.

For gold, resilient employment can complicate the interest-rate outlook. If economic activity remains firm while inflation stays elevated, policymakers may have more room to maintain restrictive rates.

Gold pays no interest, so higher bond yields can increase the opportunity cost of holding it. A stronger dollar can add pressure by making dollar-priced bullion more expensive for buyers using other currencies. However, the employment report alone does not determine the Fed’s next decision.

Lower Oil Prices Helped Last Week’s Rebound

Gold’s recovery last week coincided with falling Treasury yields, a weaker dollar and a sharp retreat in oil prices following the US midterm elections.

On November 5, spot gold reached approximately $4,146.63, its highest level since October 20. The advance followed a gain of nearly 3.4% in the previous session.

Lower energy prices can support bullion indirectly if they reduce inflation concerns and expectations for additional interest-rate increases. That helps explain why gold can rise even when easing geopolitical tensions reduce some demand for defensive assets.

The relationship remains conditional. Oil prices, inflation expectations, Treasury yields and the dollar can move at different speeds, leaving bullion exposed to competing influences.

US CPI on Tuesday Is the Next Major Test

The US consumer price index report for October is scheduled for Tuesday, November 10, at 8:30 a.m. Eastern Time, equivalent to 9:30 p.m. Shanghai time. Producer price data follows on Friday, November 13.

A softer-than-expected inflation reading could ease expectations for further tightening and help gold preserve its recovery. A stronger reading could lift yields and the dollar, putting renewed pressure on bullion.

The response will depend on how the figures compare with expectations. Investors will assess both headline inflation and underlying price pressures when judging the implications for December’s Fed decision.

Gold Price Levels to Watch

The $4,000 area remains a widely watched psychological reference point. In his November 6 outlook, StoneX analyst Fawad Razaqzada identified the broader $3,940–$4,000 region as an important support zone after gold reclaimed it.

He placed resistance around $4,106–$4,142. Monday’s quoted price sits inside that region, making sustained trading above its upper boundary a useful test of the rebound.

Separately, XS.com analyst Simon-Peter Massabni identified $4,150–$4,170 as a resistance zone that would need to be overcome to strengthen the bullish technical picture. These are analytical reference levels rather than guaranteed turning points.

Gold begins the week with renewed momentum above $4,100, but the policy outlook remains unresolved. Softer inflation could support the recovery, while renewed upward pressure on yields could bring the $4,000 region back into focus.

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