Spot gold gained about 5% in the week to 6 November 2026, its best week since August, as oil prices tumbled after the US midterm elections. The metal slipped on Friday after a strong US jobs report lifted the dollar and Fed hike odds, while World Gold Council data showed a fourth straight month of ETF inflows.
Global Economy Charts Research Desk | November 7, 2026
Key indicators
| Indicator | Reading | Context |
|---|---|---|
| Spot gold, week to 6 November | About +5% | Reuters: +5.2%; best week since August |
| Spot gold, 6 November | About $4,074/oz | -0.3% at 1:54pm ET; session low $4,033 |
| Spot silver, 6 November | About $52.18/oz | +0.8% on the day (Reuters) |
| Global gold ETF flows, October | +US$2.7bn | Fourth monthly inflow; holdings a record 4,275t |
| Fed December hike odds | About 80% | About 67% on 5 November (CME FedWatch via Reuters) |
The week began with gold near its one-year low of $3,869.85, set on 30 October. Spot gold rose 1% to about $4,100 on Thursday, touching $4,146.63, its highest since 20 October, before easing on Friday. Even after the rally, gold remains well below its intraday record of about $5,595 set on 29 January 2026. Silver lagged on Thursday but gained on Friday.
1. Oil’s slump did most of the work
Brent fell about 17% over the week, its steepest weekly drop since the start of the Covid pandemic, according to Reuters, after the midterm results raised hopes of de-escalation with Iran. Brent settled at $98.32 on Friday as tanker attacks in the Gulf kept a floor under prices. Lower oil eases fears of persistent inflation and reduces pressure for further rate rises, which supported gold for most of the week.
2. The jobs report turned Friday
US payrolls rose by 165,000 in October, compared with a Reuters poll of 65,000, and unemployment fell to 4.1%. The dollar rose about 0.7% and the two-year Treasury yield climbed about 6 basis points. Spot gold fell more than 1% at its low before recovering part of the loss. Higher yields and a stronger dollar raise the cost of holding gold, which pays no interest, for many buyers.
3. ETF buying continues outside the US
The World Gold Council said global gold ETFs attracted US$2.7 billion in October and holdings rose by 19 tonnes to a record 4,275 tonnes, even though assets under management fell 6% to US$542 billion with the lower price. Europe added US$1.8 billion, led by the UK, and Asia US$1.3 billion, led by China. North America saw outflows of US$512 million. Year-to-date inflows reached US$41 billion.
4. Central banks and Indian buyers
The WGC reported net central-bank purchases of 61 tonnes in September, the highest monthly figure of 2026, led by Poland and China. Poland’s central bank said it had reached its 700-tonne target and left room for more. In India, Reuters reported that demand picked up for Dhanteras as local prices fell to their lowest since March, with buyers favouring coins and bars. Silver’s gold-silver ratio stood near 78.
Scenarios to watch
If US-Iran talks progress and oil keeps falling, inflation expectations could ease and support precious metals even with a hawkish Fed. If October CPI on 10 November is strong and December hike odds rise further, higher yields and a firmer dollar could weigh on gold. Physical demand in India and continued ETF inflows in Europe and Asia are the other signals to watch. These are scenarios for monitoring, not price forecasts or investment advice.
Sources and methodology
World Gold Council, Gold ETF Flows: October 2026, 5 November 2026; World Gold Council, Central Bank Gold Statistics: September 2026; Reuters via Kitco, 6 November 2026; Reuters, 5 November 2026; Reuters, oil, 6 November 2026; Reuters, India gold demand, 6 November 2026; TexMetals market update, 6 November 2026. Reported figures are distinguished from forecasts and GEC calculations. Charts use the values and units shown; scales start at zero except where negative values or index thresholds require otherwise. Interpretive sections are GEC analysis, not company or central-bank forecasts.
Thumbnail: AI-generated editorial illustration. Figures are rounded for readability; some releases may be preliminary or subject to revision.
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