Gold and silver climb as weaker dollar and oil ease pressure

Spot gold rose 1.33% to about $4,124.74 an ounce and silver gained 1.57% to $52.759 in early U.S. trading Monday. A softer dollar and falling crude prices supported the metals, while investors weighed hopes for U.S.-Iran diplomacy against strong employment data that has raised expectations of another Federal Reserve rate increase.

Money Talk·November 9, 2026·reads: 1,935

Gold extended a recovery after gaining about 5% last week, when the Democratic sweep of the U.S. midterm elections initially pushed Treasury yields and the dollar lower. Friday’s employment report then revived pressure on precious metals: nonfarm payrolls rose by 165,000 in October, compared with expectations for about 65,000. The unemployment rate slipped to 4.1% from 4.2%, and average hourly earnings rose 0.4% for the month and 3.1% year over year. August and September payrolls were revised up by a combined 84,000 jobs.

Markets are now focused on Tuesday’s U.S. consumer price index report, due at 8:30 a.m. EST. September consumer prices rose 0.6% month over month and 3.7% year over year. A softer October reading could temper expectations for December tightening and support metals; a stronger result could reinforce the case for higher rates. Interest-rate futures put the probability of a 25-basis-point increase at about 79% to 81%, up from roughly 71% before the jobs report. The 10-year Treasury yield was near 4.87% and the two-year yield around 4.54% Monday.

Diplomatic signals also weighed on oil. President Donald Trump indicated further U.S. strikes on Iran were highly unlikely as negotiations continued, prompting traders to pare some of crude’s geopolitical risk premium. Brent fell toward $94.76 a barrel. However, no binding agreement has been announced, and reported attacks affecting commercial shipping in or near the Strait of Hormuz underscore the risks to tanker traffic. A breakdown in talks or renewed attacks could reverse the decline in energy prices.

Other data point to a resilient economy: third-quarter business productivity grew at a 3.6% annualized rate, unit labor costs fell 0.7%, and initial jobless claims declined to 189,000. September job openings reached 7.523 million, while the October ISM manufacturing index rose to 55.5 from 54.5. Gold’s next resistance levels are $4,147.62 and $4,200.09, with support at $4,088.51 and $4,051.45. Silver faces resistance at $53.107 and $54.617, and support at $51.153 and $49.989.