Updated 6 November 2026, 07:30 GMT. Spot gold fell 1.1 percent to $4,044.09 an ounce by 05:01 GMT on Friday, and December US gold futures dropped 1.5 percent to $4,053.30 (Reuters via Business Recorder). FXEmpire’s feed had spot at $4,047.63 at 06:40 GMT. Gold is still on track for its best week since late August, but Thursday’s Wall Street rout, when the S&P 500 lost about 4.4 percent and the Nasdaq fell 5.5 percent into a correction, turned into selling of gold positions overnight. Verdict: the post-election rally has stalled below Thursday’s $4,135 high, and the October jobs report at 8:30 a.m. ET (13:30 GMT) decides the next leg. Reference levels: $3,990 below, $4,135 above.

Key facts

  • Price: spot gold $4,044.09 at 05:01 GMT Friday 6 November, down 1.1 percent; December futures $4,053.30, down 1.5 percent (Reuters via Business Recorder).
  • Thursday: spot gold reached $4,134.83 at 03:16 GMT on Thursday, its highest level since 22 October (Reuters price table via Discovery Alert), and was still at $4,120.60 in the US afternoon (Kitco).
  • Silver: spot silver fell 0.5 percent to $51.51 an ounce (Reuters via Business Recorder).
  • Wall Street: on Thursday the S&P 500 lost about 4.4 percent and the Nasdaq Composite 5.52 percent to 24,315, more than 10 percent below its recent high. The Philadelphia semiconductor index fell more than 12 percent (CNBC, Investing.com).
  • The Fed: traders see a 68 percent chance of a December rate hike, down from near certainty last month, according to CME FedWatch (Reuters via Business Recorder). CNBC put the odds at about 70 percent. The Fed meets on 8-9 December.
  • Jobs: the October payrolls report is due at 13:30 GMT. Consensus is about 59,000 jobs per Dow Jones (CNBC) and 65,000 per Kitco’s survey, with unemployment expected at 4.2 percent (CNBC).
  • Forecast cut: Goldman Sachs on Thursday cut its end-2026 gold forecast to $4,150 from $4,650 (Reuters via Business Recorder).

Why gold is falling on Friday

Thursday’s sell-off in AI and chip stocks did not send money into gold. It forced selling. “In risk-off conditions like this, we’re seeing gold positions get liquidated,” Tim Waterer, chief market analyst at KCM Trade, told Reuters. Investors who need cash to cover losses elsewhere sell what is still showing a profit, and gold had just gained about 5 percent in two sessions.

Oil is the second reason. Brent recovered to around $100 a barrel overnight after Wednesday’s 9.7 percent crash, as Iran reported more tanker attacks in the Strait of Hormuz (CNBC). Ilya Spivak, head of global macro at Tastylive, told Reuters that crude “has rebounded mostly over the past day”. Higher oil lifts the inflation outlook, and that keeps the Fed leaning towards a hike, which is negative for a metal that pays no interest. Our Thursday Brent page has the background on the crash.

The selling has not undone the week. Gold was below $4,000 on Tuesday and reached $4,134.83 on Thursday, as Democrats won both chambers of Congress and the dollar fell to a one-month low. Our Thursday gold page covers that run.

What the jobs report means for gold

The jobs data cuts both ways this week. Initial jobless claims fell 6,000 to 189,000 in the week to 31 October, below the 197,000 consensus and the lowest since late July (Kitco, Labor Department). ADP counted 86,000 private jobs in October against a 67,000 forecast (Kitco). Both point to a labour market that is not weakening.

A payrolls print well above the 59,000-65,000 range would push December hike odds back towards the near-certainty of October, lift the dollar and put the $4,000 line back in play. A miss would do the opposite and reopen Thursday’s high. The two Fed officials who spoke on Thursday backed “modest and steady” rate increases (Reuters via Business Recorder), so a soft number would need to be clearly soft to change the message.

What the charts show

FXEmpire’s Arslan Ali puts immediate support at $4,021.95, the 50 percent retracement of this week’s rebound, and the next support at $3,991.58. Resistance is at $4,051.45 and then $4,088.51; he leans slightly bearish while gold stays under $4,088.51 (FXEmpire, 6 November). The Kitco and Business Recorder reports do not give chart levels.

Longer-term forecasts remain above the current price but are coming down. Goldman’s new $4,150 end-2026 target is barely 2.6 percent above Friday’s price. Citi’s 0-3 month target is $4,500 (Reuters, 5 November).

Gold today: bull, base and bear

Scenario Gold What has to happen Anchor
Bear $3,990 Payrolls beat the consensus clearly, hike odds climb back above 80 percent and equity losses force more liquidation. FXEmpire’s second support at $3,991.58; about 1.3 percent below $4,044.09.
Base $4,020-$4,090 Payrolls land near 59,000-65,000 and gold holds most of the week’s gain. Between FXEmpire’s first support ($4,021.95) and its upper resistance ($4,088.51).
Bull $4,135 Payrolls miss, hike odds fall and the dollar resumes its post-election slide. Thursday’s high of $4,134.83 (Reuters via Discovery Alert); about 2.2 percent above spot.

The bear case sits below Friday’s price. These are reference levels measured from the verified spot price, not forecasts.

What to watch today

  • Payrolls at 13:30 GMT: the headline number against 59,000-65,000, plus the unemployment rate against 4.2 percent.
  • FedWatch: whether December hike odds move back above 70 percent after the data.
  • Wall Street’s open: Nasdaq-100 futures were up about 1 percent early Friday while Dow futures were down about 0.9 percent (CNBC). Another heavy down day for stocks would mean more forced selling of gold.
  • Brent near $100: a move above $100 adds to the inflation side of the Fed’s problem.
  • Silver: it fell harder than gold this morning. Our Thursday silver page has the levels from the rally.

Quick take: Gold is at about $4,044 on Friday, down 1.1 percent after Thursday’s stock market rout forced investors to sell winning positions and oil bounced back towards $100. It is still heading for its best week since late August. Expect $4,020-$4,090 around the jobs report; $3,990 needs a strong number, a return to Thursday’s $4,135 high needs a weak one.

FAQ

What is the gold price today?

Spot gold was $4,044.09 an ounce at 05:01 GMT on Friday 6 November, down 1.1 percent, and December futures were $4,053.30 (Reuters via Business Recorder). FXEmpire showed $4,047.63 at 06:40 GMT.

Why is gold down today?

Two reasons were cited by analysts quoted by Reuters: investors sold gold to cover losses after Thursday’s 4.4 percent fall in the S&P 500, and oil rebounded, which raises inflation worries and keeps a December Fed hike likely.

Why did gold not rise when stocks crashed?

In a fast sell-off, investors often sell assets that are in profit to raise cash. Gold had gained about 5 percent in two sessions, so it was an easy source of liquidity. Tim Waterer of KCM Trade described this as gold positions being “liquidated” (Reuters).

What time is the jobs report and what is expected?

The US October employment report is out at 8:30 a.m. ET (13:30 GMT) on Friday 6 November. The Dow Jones consensus is about 59,000 jobs and Kitco cites 65,000, with unemployment expected at 4.2 percent.

What are the key gold levels today?

Support at $4,021.95 and $3,991.58; resistance at $4,051.45 and $4,088.51 (FXEmpire). Thursday’s high was $4,134.83.

Is gold still up this week?

Yes. Even after Friday’s drop, gold is on track for its best week since late August (Reuters via Business Recorder). It was below $4,000 on Tuesday, before the election result.

What do banks expect for gold?

Goldman Sachs cut its end-2026 forecast to $4,150 from $4,650 on Thursday. Citi has $4,500 for the next three months (Reuters). Forecasts change quickly and are not guarantees.

Sources: Business Recorder (Reuters), 6 November (spot and futures at 05:01 GMT, silver, FedWatch odds, Goldman forecast, Fed officials, KCM Trade and Tastylive comments); FXEmpire, 6 November (spot at 06:40 GMT, support and resistance levels); Kitco, 5 November (Thursday afternoon spot, jobless claims, payrolls consensus, ADP); Discovery Alert, 5 November (Reuters price table, Thursday high, Citi target); CNBC, 5-6 November (index closes, Dow Jones payrolls consensus, FedWatch, futures); Investing.com, 5 November (Nasdaq and semiconductor index closes).

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Commodity prices are volatile. Do your own research and consult a licensed financial adviser before making investment decisions.