Gold Remains Depressed Above $4,100 as US CPI Looms
Spot gold slid below $4,100 an ounce on Tuesday, November 10, 2026, giving back much of Monday's rally as traders weighed Federal Reserve rate-hike bets, Iran peace talk mixed signals and the latest US consumer price index due later in the day.
Gold remains depressed above $4,100 an ounce on Tuesday, November 10, 2026, after sliding below that mark in European trading as investors waited for US inflation data. The metal gave back a large part of Monday's strong gain, which had run up to the $4,150 resistance level, a price where sellers have tended to step in.
Expectations that the US Federal Reserve will raise interest rates again are the main weight. Gold pays no interest, so higher rates make it less attractive to hold.
Rate bets and jobs data
According to the CME Group's FedWatch tool, traders are pricing in more than an 80% chance of a rate increase in December. The shift followed Friday's US jobs report, which showed employers added 165,000 jobs in October, beating every forecast. The unemployment rate edged down to 4.1%.
Revisions added to the picture. Figures for August and September were revised up by a combined 84,000 jobs. Separate data showed consumer sentiment unexpectedly rose to a three-month high in early November.
On Monday, spot gold had risen 1.44% to $4,128.33 an ounce as the US dollar index fell 0.5%. Spot silver gained 1.4% to $52.6 an ounce, and palladium rose 0.7% to $1,024.25.
Iran talks send mixed signals
Diplomacy is pulling the market in different directions. US President Donald Trump said there was positive momentum toward ending the war with Iran and that a resumption of strikes was quite unlikely. He declared the conflict effectively over.
Mohsen Rezaei, Secretary of Iran's Supreme National Security Council, dismissed reports of active negotiations as fake news. He said Washington must accept Tehran's seven conditions to end the conflict.
The standoff keeps a geopolitical risk premium in the market. It has not revived demand for the dollar as a safe haven, which has helped gold.
Where gold stands
Gold remains around 20% below its level before the US-Iran conflict erupted in late February. It recovered above $4,000 after the US midterm elections, as Treasury yields and oil prices fell on expectations that incoming Democrats would push to end the conflict. Last month, the price touched the $3,870 region, its lowest since September 2025.
ANZ analysts described bullion as volatile last week amid an uncertain economic and political backdrop.
On charts, spot gold recently broke above its 100-period and 200-period simple moving averages on the four-hour chart. Support sits near $4,103, then $4,059 and $4,042. Resistance lies near $4,180, $4,279 and $4,377.
The US consumer price index report, due Tuesday, is the next test. Fed officials will also see another jobs report and a full set of inflation figures before their December policy meeting, when markets expect another increase amid persistently elevated energy prices.
