Gold Posts Its Best Week Since August as Oil Falls and Jobs Lift Rate Hike Bets

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Gold rose about 5% in the week to November 6, 2026, its best week since August. Reuters reported spot gold at $4,076.91 an ounce on Friday morning, down 0.3% on the day but up about 5% for the week. The metal had started the week near a one year low, then climbed as oil prices fell sharply and the dollar weakened after the US midterm elections. A stronger than expected US jobs report on Friday then lifted the dollar and rate hike bets, and gold slipped back from its high.

What happened

The week began with gold near its one year low of $3,869.85, set on October 30. Gold then rose sharply after the midterm elections, as covered in our post on gold jumping over 2% to pass $4,000 as the dollar weakened after the US midterms: https://investclaritypath.com/gold-jumps-over-2-percent-past-4000-dollar-midterms/

On Thursday, spot gold touched $4,146.63, its highest since October 20. That was still well below its intraday record of about $5,595, set on January 29, 2026.

Falling oil prices helped gold for most of the week. Brent crude settled at $98.32 a barrel on Friday, after a steep fall over the week as traders bet that hopes of de-escalation with Iran could bring more oil supply. Lower oil prices ease fears of persistent inflation, which can reduce pressure for further rate rises. Our post on oil heading for its worst week since 2020 explains that move: https://investclaritypath.com/oil-worst-week-since-2020-brent-below-100/

Friday changed the mood. The US jobs report showed employers added 165,000 jobs in October, far more than the 65,000 economists surveyed by Reuters had expected, and unemployment fell to 4.1%. Our post on the US jobs report covers those figures in full: https://investclaritypath.com/us-jobs-report-october-2026-165000-added/

After the report, the dollar rose about 0.7% and the two year Treasury yield climbed about 6 basis points. Spot gold fell more than 1% at its low on Friday before recovering part of the loss. Traders raised the odds of a Federal Reserve rate rise in December to about 80%, up from about 67% on November 5.

Silver moved with gold but finished the week stronger on Friday. Spot silver was about $52.18 an ounce on November 6, up about 0.8% on the day, according to Reuters figures cited by Global Economy Charts.

Buying by gold funds also continued. The World Gold Council said global gold exchange traded funds attracted $2.7 billion in October, a fourth straight month of inflows. Holdings rose by 19 tonnes to a record 4,275 tonnes, even though assets under management fell 6% to $542 billion as prices fell. Europe added $1.8 billion, led by the UK, and Asia added $1.3 billion, led by China. North America saw outflows of $512 million. Inflows so far in 2026 reached $41 billion.

Why it matters for beginners

Gold is often called a safe haven, but this week shows why that label needs care. Gold can fall sharply, as it did in late October, and then rise quickly when the dollar, oil prices, or rate expectations change. A single week, even a strong one, does not settle where the price goes next.

Three drivers were at work at the same time. First, a weaker dollar made gold cheaper for buyers using other currencies. Second, falling oil prices eased inflation fears, which can support gold. Third, stronger jobs data pushed yields and the dollar higher on Friday, which works the other way, because gold pays no interest and higher yields raise the cost of holding it.

For a beginner, the useful lesson is about what moves gold, not about predicting its next move. When the dollar falls, gold priced in dollars tends to look cheaper abroad. When yields rise, holding an asset that pays no income looks less attractive. Neither driver guarantees that gold will keep rising or keep falling.

It also helps to separate a price move from a trend. Gold ended the week higher, but it was still about 25% below its January record, and it slipped on Friday. A weekly gain is a fact about one week, not a promise about the next one. Our guide to what risk means in investing explains how to think about that kind of swing: https://investclaritypath.com/what-is-risk-in-investing/

What to watch next

• The October US consumer inflation report, due on Tuesday, November 10, 2026. It is the last inflation report before the Federal Reserve meeting on December 8 and 9, and a strong reading could lift December hike odds further.
• Whether US-Iran talks progress and oil keeps falling. If oil keeps falling, inflation expectations could ease and support precious metals even with a hawkish Fed.
• Whether gold fund inflows in Europe and Asia continue, and whether physical demand in India stays strong after picking up for Dhanteras.
• Whether the dollar keeps rising after the jobs report, or stabilises. A firmer dollar would weigh on gold, while a weaker dollar would support it.

FAQ

Why did gold have its best week since August?

Reuters linked the rise to a weaker dollar and falling oil prices after the US midterm elections. Gold started the week near a one year low, then climbed back above $4,000 and touched $4,146.63 on Thursday, its highest since October 20.

Why did gold fall on Friday if the week was so strong?

The US jobs report was much stronger than expected, with 165,000 jobs added in October against a forecast of 65,000. That lifted the dollar and Treasury yields, and traders raised the odds of a December Fed rate rise to about 80%. Higher yields and a stronger dollar tend to weigh on gold, which pays no interest.

What does $2.7 billion of gold ETF inflows mean?

It means investors put $2.7 billion into gold exchange traded funds in October, the fourth month in a row of inflows, according to the World Gold Council. Holdings rose to a record 4,275 tonnes. An ETF is a fund that tracks gold and trades like a share, so inflows show more money flowing into that kind of gold holding.

Does a best week since August mean gold will keep rising?

No. A weekly gain is a fact about one week. Gold can fall as fast as it rises, as it did in late October and again on Friday after the jobs report. This post does not recommend buying or selling gold.

What is the next date that could move gold?

The October US inflation report on Tuesday, November 10, 2026. It is the last inflation report before the Fed meeting on December 8 and 9, so it could change rate expectations and move the dollar, yields, and gold at the same time.

Sources

Reuters, Gold drops, on track for best week in over 2 months before US payrolls, November 6, 2026: https://www.tradingview.com/news/reuters.com,2026:newsml_L2N46N09L:0-gold-drops-on-track-for-best-week-in-over-2-months-before-us-payrolls/

Global Economy Charts, Gold Heads for Its Best Week Since August Despite a Strong US Jobs Report, November 7, 2026: https://globaleconomycharts.com/2026/11/07/gold-silver-week-november-6-2026-jobs-report-etf-flows/

World Gold Council, Gold ETF Flows: October 2026, November 5, 2026, as cited in the sources above.

This article is for general information and education only. It is not legal or financial advice.