Gold slips to $4,046 as oil rebounds

November 06, 2026 (MLN): Gold prices slipped on Friday as a recovery in crude oil revived inflation concerns and strengthened bets that the Federal Reserve will keep interest rates high for longer, though the metal remained on course for a weekly gain ahead of the US payrolls report due later in the day.

Currently, spot gold is down 0.24% to $4,046.28 an ounce as of [10:46 am] PST, according to data reported by Mettis Global.

Crude rose over 1% on the day but was heading for a steep weekly loss, as markets priced in easing tensions in the Iran conflict after the US election outcome, with lingering supply worries in the Middle East limiting the decline.

Costlier energy can strengthen the case for the Fed holding rates at elevated levels, which raises the opportunity cost of owning non-yielding bullion.

Risk appetite was also dented by a sell-off in Asia’s technology-heavy markets, driven by fears of stricter regulatory scrutiny and a slowdown in AI spending, which triggered the sharpest drop in US equities since the tariff-led rout of April 2025, CNBC reported.

Traders are now looking to the non-farm payrolls report at 1330 GMT, while Fed Vice Chair Michelle Bowman is also due to speak.

CME’s FedWatch tool shows a 68% probability of a Fed rate hike in December. On Thursday, two Fed officials backed modest, steady rate increases to counter above-target inflation.

Among other precious metals, spot silver edged up 0.3% to $51.91 per ounce, platinum added 0.4% to $1,523.63 and palladium slipped 0.2% to $1,029.22. 

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