Gold rose more than 1% on Monday, November 9, as softer oil prices eased inflation concerns, while investors awaited key US inflation data and fresh signals from the Federal Reserve on its policy outlook, Reuters reported. Spot gold climbed 1.6% to $4,129.69 per ounce by 0220 GMT — yaani about $132.8 per gram of pure gold at that spot rate.

Source: Reuters via TradingView

In futures trade, COMEX gold was quoted at $4,134.10 an ounce, up $59.20 or 1.45% from the previous close of $4,074.30, and silver futures jumped to $53.31 an ounce, up $1.368 or 2.63% from $51.61, according to market reports. Gold had already gained about 5% over the previous week — its best week since late August — after touching a session low near $4,033 on Friday when a strong US jobs report briefly lifted the dollar and Treasury yields.

Source: 7Globe / COMEX market reports

The trigger for Monday's calm was oil. Brent crude was trading near $97.50 a barrel in early Asian hours after US President Donald Trump said he was highly unlikely to order fresh attacks on Iran as long as talks to end the war progress — remarks that pulled the war premium out of crude and, with it, some of the inflation fear that had capped gold. Reuters' first Monday update had spot gold up just 0.2% at $4,073.59 before the move extended through the Asian session.

Source: Reuters via TradingView

Oil's Monday slide and Asia's steadier equity open — Nikkei up 2.5% and Taiwan bouncing back from the AI rout — were set out in this desk's earlier markets report. Read: Asia stocks steady on Monday after the AI rout, oil slips to $97.49

The brake: a hawkish Fed

Capping the gains is the interest-rate outlook. US nonfarm payrolls rose 165,000 in October, far above the roughly 65,000 expected, and unemployment fell to 4.1% from 4.2% — data that lifted the market-implied chance of a Federal Reserve rate hike in December to around 80%, from about 70% before the release, according to CME's FedWatch tool. Higher rates raise the opportunity cost of holding gold, which pays no interest.

Source: InvestingLive / CME FedWatch

For Indian buyers and the Punjabi diaspora who track gold closely, the international rally followed a strong week at home too: on the MCX, December gold futures gained ₹3,682 — nearly 3% — over the previous week to settle at ₹1.42 lakh per 10 grams, market reports said. The exchange's morning session stays shut on Tuesday, November 10, for Diwali-Balipratipada, the reports added.

Source: 7Globe / MCX market reports