Spot gold eased to $4,063.39 an ounce by 02:48 GMT on Friday, 6 November, down 0.6% on the session and still about 4% higher on the week. CNBC said December US gold futures fell 1% to $4,072.90. A later quote put spot gold near $4,079, and ATFX had a reference print of $4,088.39. Thursday's rise above $4,120, with Brent near $94, is in yesterday's commodities note.
Higher oil put a cap on the gold rally
Ilya Spivak, head of global macro at Tastylive, told CNBC that crude's rebound was one of the inflation knocks still weighing on gold, and that markets were still digesting the US midterm result. Oil rose more than 1% on Friday morning and was still set for a sharp weekly drop. ATFX's later snapshot had Brent up 4.66% at $99.03 and WTI up 3.35% at $91.07, a bounce from Wednesday's fall of more than 8%. FinancialMarkets said Brent settled nearly 4% higher, above $98, after UK maritime authorities reported a tanker struck by two projectiles off Qatar. Iran's Revolutionary Guards said ships on unauthorized routes hit mines or caught fire. That claim has not been verified.
Goldman cuts its year-end gold target
Goldman Sachs on Thursday lowered its end-2026 gold forecast to $4,150 an ounce from $4,650, citing a more hawkish Federal Reserve, CNBC reported. Traders priced about a 68% chance of a December hike on CME FedWatch. Payrolls are due at 13:30 GMT, and Fed vice chair Michelle Bowman is scheduled to speak later. Spot silver rose 0.3% to $51.91. Platinum gained 0.4% to $1,523.63. Palladium slipped 0.2% to $1,029.22. All three were still headed for weekly gains. Bitcoin's drop toward $75,700 is in the markets briefing. Follow gold and oil on the commodities desk.