Spot gold (XAUUSD) eased to around $4,071 on Friday morning after touching $4,148 yesterday, its highest since 20 Oct, before profit-taking set in as US stocks tumbled. Gold is still on track for a weekly gain of about 5%, and markets have cut the odds of a December Fed rate hike to around 66–69%. Tonight all eyes are on the NFP jobs report at 13:30 GMT.
Updated Fri 6 Nov 2026 · 02:25 GMT · Spot gold price as of the Asian morning, 6 Nov 2026
vs Thursday 5 Nov close · Yesterday gold hit a high of $4,148 before closing near $4,087, up 0.64% (Kitco) · Still heading for a weekly gain of about 5% (Trading Economics)
Key points for gold today
- 1Spot gold is around $4,071 (−0.41%) this morning after closing in New York near $4,087, up 0.64%, and is still heading for a weekly gain of about 5% following the US midterm election results
- 2Markets have cut the odds of a December Fed rate hike to around 66–69% from about 83% on Wednesday, after Q3 unit labor costs fell 0.7% against expectations of a rise
- 3Resistance $4,145–4,157 and $4,187–4,227, while first support is $4,065–4,075 which price is now testing, followed by $4,025–4,036
- 4Tonight at 13:30 GMT: October NFP, forecast at 65K vs 29K previously, with unemployment expected at 4.2%, followed by Michigan consumer sentiment at 15:00 GMT
3 factors driving gold
- FedMarkets scale back bets on a December Fed hike
Kitco reports that rate futures now put the odds of a December Fed hike at around 66–69%, down from about 83% on Wednesday, after Q3 unit labor costs fell 0.7% against expectations of a 0.6% rise and productivity grew 3.6%, above the 2.8% forecast, easing worries about wage-driven inflation. Reuters says markets are not fully pricing the next hike until March. This supports gold, which pays no interest.
- 10YYields fall to the lowest since early September
The US 10-year Treasury yield fell to around 4.82% on Thursday, the lowest since early September according to Kitco, and is around 4.86% this morning (Trading Economics). Lower yields reduce the opportunity cost of holding gold, while the dollar index (DXY) is little changed near 101.67.
- StocksUS stocks slump, gold sees profit-taking from $4,148
The Nasdaq closed down 5.5%, the S&P 500 fell 4.4% and the chip index dropped about 12% (Reuters). Gold touched $4,148, its highest since 20 Oct, before easing to close near $4,087 and slipping further to around $4,071 this morning on profit-taking after a weekly gain of about 5%. In volatile markets some investors may sell gold to cut risk or meet margin calls.
Support and resistance levels to watch
| $4,187 | R2 | $4,187–4,227 zone (Kitco sees next resistance at $4,212) |
| $4,145 | R1 | $4,145–4,157 zone, yesterday’s high $4,148 (Kitco: $4,146) |
| $4,071 | NOW | Latest price in the Asian morning (Trading Economics) |
| $4,065 | S1 | $4,065–4,075 zone, now being tested (Kitco: $4,075) |
| $4,025 | S2 | $4,025–4,036 zone |
| $3,970 | S3 | $3,970–3,980 zone (Kitco sees next support at $3,989) |
Levels as of 6 Nov 2026, based on analysis from Mitrade and Kitco (5 Nov). Not trading advice.
If gold rises / if it falls
Holds above $4,065–4,075 and NFP misses forecast
If tonight’s payrolls come in below 65K or wage growth slows, markets may cut the odds of a Fed hike further and yields and the dollar could weaken. Gold could retest the $4,145–4,157 zone; a break above opens $4,187–4,227.
Breaks below $4,065 or NFP beats forecast
If jobs and wages come in strong enough for markets to raise bets on a December Fed hike again, yields could rebound and weigh on gold. The next levels are the $4,025–4,036 and $3,970–3,980 zones.
Levels as of 6 Nov 2026, based on analysis from Mitrade and Kitco. Not trading advice.
Friday 6 Nov 2026: releases that move gold (GMT)
- US Nonfarm Payrolls (Oct)Forecast 65K vs 29K · Unemployment expected 4.2% · Average hourly earnings expected +0.3% m/mRead analysis →HIGH
- Michigan consumer sentiment (Nov preliminary)Watch 1-year and 5-year inflation expectations tooMED
Gold holds $4,070 ahead of NFP. Get cash back on every lot
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Sources (9)
- Trading Economics – Gold (6 Nov)
- Trading Economics – US 10Y (6 Nov)
- Trading Economics – Dollar index (6 Nov)
- Trading Economics – Non Farm Payrolls (Oct forecast)
- Kitco – PM Report: gold / stocks / Fed (5 Nov)
- Kitco – AM Report: productivity and labor costs (5 Nov)
- Mitrade – Gold Price Analysis (6 Nov)
- Reuters via GBAF – Trading Day (5 Nov)
- BLS – Employment Situation
Risk warning: Trading gold, forex and CFDs carries a high level of risk and you may lose all of your capital. This article is a summary for educational purposes only and is not investment advice. Prices may have changed by the time you read it.
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