Precious Metals Market Update: 11/6/2026

Gold closed the week lower, with the spot price settling at $4,076.98 per troy ounce, a decline of 0.57% on the session. The move followed the release of the October employment report, which showed nonfarm payrolls rose 165,000, above consensus expectations of near 65,000, while the September figure was revised upward to 60,000 from an initially reported 29,000. The unemployment rate eased to 4.1% from 4.2%, and average hourly earnings advanced 0.4% for the month and 3.1% from a year earlier. The data reinforced expectations that the Federal Reserve will hold a restrictive policy stance into year-end, lifting both the U.S. dollar and Treasury yields and reducing the relative appeal of non-yielding assets. Physical interest across the gold bar market remained steady despite the softer tone in spot pricing.

Silver diverged from gold, finishing at $52.67 per troy ounce for a gain of 0.59%. The metal's industrial demand profile continued to provide a floor even as the dollar strengthened, with end-use in electrification and manufacturing offsetting part of the pressure that higher real yields placed on the precious metals complex. Silver has traded within a wide band since a sharp correction in October, and the gold-to-silver ratio narrowed to roughly 77-to-1 as the white metal outperformed. Buyers of silver coins and bars have remained active through the recent volatility, with premiums on sovereign-mint product holding firm. Exchange inventories have drawn down modestly over the past month, and lease rates remain elevated relative to their multi-year average, an indication that available metal in the wholesale market continues to be tightly held.

The platinum group metals led the complex. Platinum advanced 0.83% to $1,551.50 per troy ounce, extending a recovery that has been underpinned by persistent refined-market deficits and firm Chinese demand. Palladium was the standout performer, climbing 3.48% to $1,045.00 per troy ounce on renewed supply concerns. Chinese imports of Russian palladium fell by approximately 70% in September, and the U.S. Commerce Department has calculated a preliminary dumping margin of nearly 828% on unwrought Russian palladium, a determination that has drawn inventory toward U.S. exchange warehouses and widened exchange-for-physical premiums. Investor interest in platinum products has broadened alongside the move, and the platinum-palladium spread has compressed to roughly $506 from wider levels earlier in the autumn.

Broader markets reflected the same repricing. The U.S. Dollar Index rose 0.7% to 102.22, its strongest single-session gain in several weeks. The two-year Treasury yield added six basis points to 4.52%, the ten-year rose three basis points to 4.87%, and the thirty-year settled at 5.27%. Market-implied odds of a Federal Reserve rate increase at the December meeting climbed to approximately 78% from 70% before the data. Higher nominal and real yields raise the opportunity cost of holding bullion, which accounted for much of the pressure on gold during U.S. trading hours. Equity markets absorbed the data more easily, and the move at the front end of the curve was more pronounced than at the long end, leaving the yield curve flatter for the session. The dollar's advance was broad-based rather than concentrated against a single counterpart currency.

Beneath the daily price action, structural demand indicators remained constructive. Official-sector purchases have run at their highest pace of 2026, and exchange-traded fund flows in October were led by European funds, according to World Gold Council data published this week. Those flows have partially offset the headwind from a firmer dollar. For the platinum group metals, the combination of constrained Russian supply, tariff policy and a multi-year production trough continues to separate price formation from the traditional automotive demand cycle. Gold remains substantially higher over the trailing twelve months despite the recent consolidation, and silver has held its year-over-year gain through a volatile autumn. For buyers focused on physical metal, the practical effect of a firmer dollar has been a modest improvement in dollar-denominated entry points across the complex without a corresponding change in product availability.

Spot Precious Metals Prices

Key Drivers

October Employment Report Exceeds Forecasts

Nonfarm payrolls increased 165,000 in October, roughly two and a half times the consensus estimate of 65,000, and the prior month was revised up to 60,000. The unemployment rate declined to 4.1% and average hourly earnings rose 0.4% on the month. The combination of firmer hiring and accelerating wages removed a key argument for near-term policy easing and triggered an immediate repricing across rates, currency and metals markets.

Dollar and Treasury Yields Advance

The U.S. Dollar Index gained 0.7% to 102.22 while the two-year Treasury yield rose to 4.52% and the ten-year to 4.87%. Futures markets moved to price in an approximate 78% probability of a rate increase at the December meeting. A stronger dollar makes dollar-denominated bullion more expensive for overseas buyers, and higher yields increase the carrying cost of metals that pay no income.

Russian Palladium Supply Constraints

Chinese imports of Russian palladium declined approximately 70% year over year in September, tightening availability in the largest consuming market. In the United States, a preliminary anti-dumping margin of nearly 828% on unwrought Russian palladium has drawn inventory into domestic warehouses and lifted exchange-for-physical premiums, supporting both palladium and, by extension, platinum.

Looking Ahead

December FOMC Decision

The Federal Open Market Committee concludes its final meeting of the year on December 9. The committee will weigh the November employment report and October inflation data before announcing its decision, and the accompanying statement and projections will be closely examined for guidance on the policy path into 2027.

October Consumer Price Index

The next consumer price report will test whether the wage acceleration seen in the October jobs data is feeding into broader inflation. Energy costs and shelter components will be of particular interest given their weight in the index and their recent volatility.

Platinum Quarterly Release

The World Platinum Investment Council publishes its Platinum Quarterly for the third quarter of 2026 on November 18, providing updated estimates of supply, demand, and above-ground stock for a market that has been in deficit.

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Disclaimer: This market update is for informational purposes only and does not constitute financial, investment, or trading advice. Precious metals investing involves risk, and past performance is not indicative of future results. Always conduct your own research or consult a qualified financial advisor before making investment decisions. Prices shown are sourced from texmetals.com and are subject to change.