Gold Price Today: Gold Falls 1% to $4,048 as Asian Stocks Slide and Jobs Beat Forecasts

This pre-market note uses spot prices as of 8:45 AM ET on Nov 6, 2026. For Thursday’s session, when gold closed up $27.92 at $4,088.28 as U.S. stocks fell 4.4%, read the market close note.

Why is gold down today?

Most of the drop came in Asia, while chip stocks there sold off after Thursday’s U.S. tech slide. A firmer dollar and the jobs report took the rest.

1. Reopen and Tokyo (6:00 to 7:30 PM ET). Gold futures fell $15 at the reopen with U.S. stock futures. They then rose $31 while Korea’s market opened with a trading halt. Spot gold reached $4,107.09 at 7:30 PM ET.
2. China pre-open (8:15 to 8:30 PM ET). Gold futures fell $22 in 15 minutes, on about 5,800 contracts. China’s central bank set its daily yuan rate at 8:15 PM ET. Oil was flat and we found no headline.
3. Late Asia (9:20 to 11:00 PM ET). Gold futures fell another $25 as Brent crude rose to $100.92. Spot gold’s low was $4,035.78 at 12:30 AM ET.
4. London (2:50 to 4:15 AM ET). Gold futures rose $32 and Brent fell $2.10. Qatar’s royal court said at 3:03 AM ET that the emir had spoken with President Trump. Spot gold reached $4,081.22.
5. Before the data (4:15 to 8:30 AM ET). The dollar index rose to a one-week high and gold futures slipped $19.
6. Jobs report (8:30 AM ET). Gold futures fell $32 to $4,035.10, then closed the five-minute bar $8 lower. Spot gold closed the 8:30 AM ET bar at $4,047.88, $11.62 lower.

Gold moved with U.S. stock futures bar by bar in Asia, falling when they dipped. But stock futures ended the night higher while gold ended lower, and gold rose through Korea’s trading halt. Our read is that some holders sold gold in Asia to raise cash, and the dollar did the rest. We don’t see a wave of forced selling, and we can see the timing and the volume, not who sold.

Gold spot (XAU/USD), past two weeks

Today’s economic data and what it means

The October jobs reports for the U.S. and Canada came out at 8:30 AM ET.

U.S. jobs (Bureau of Labor Statistics, as reported)

Payrolls rose 165,000 in October, against a 65,000 forecast. September was revised to 60,000 from 29,000, and August to 186,000 from 133,000. Private employers added 159,000. The unemployment rate fell to 4.1%. Average hourly earnings rose 0.4% on the month and 3.1% on the year. The average workweek held at 34.4 hours, and participation rose to 61.9%. Gold futures fell $32 in the first minutes, then won back about three-quarters of it. The 2-year yield rose about 0.05 point, and the dollar index touched 102.22.

What it means for the Fed

More hiring and faster pay support the case for a December hike. Fed funds futures moved little because December was already priced as likely: about 73% before the report and 72% after, up from 69% at Thursday’s close. One more jobs report comes before the December 9 meeting.

Canada (Statistics Canada)

Employment fell 4,700, against a forecast gain of 14,600. The unemployment rate rose to 6.7%. It came out in the same minute as the U.S. report and didn’t move gold on its own.

What it adds up to: a strong U.S. report pushed yields and the dollar up and gold down, but the dip was bought. Next is the University of Michigan’s inflation expectations survey at 10:00 AM ET.

How much was the dollar?

The U.S. Dollar Index is 102.16, up 0.56% from Thursday’s close. It rose through the night and touched 102.22 after the jobs report, its highest in a week. Over the past two weeks gold is up 1.2% and the dollar is up 0.4%.

The 10-year Treasury yield is 4.89%, up 0.05 point from Thursday. The 30-year is 5.29%, up 0.03 point. The 2-year is 4.51%, up 0.05 point. Treasury’s Thursday figures had the 10-year at 4.84% and the 30-year at 5.25%. The 10-year real yield was 2.60% on Thursday, down 0.04 point, the Treasury said. The average 30-year fixed mortgage rate was 7.18% in Freddie Mac’s weekly survey (Nov 5), down 0.06 point from a week earlier. The 15-year was 6.57%.

Gold vs. the U.S. dollar, % change over two weeks

Prices keep moving through the morning. Our live metal prices page has bid and ask for gold, silver, platinum and palladium, updated as the market moves.

Asia’s chip sell-off and the bond market

Thursday’s U.S. tech slide spread to Asia overnight. Gold fell during the Asian session, while U.S. stock futures rose.

Japan and Korea

Japan’s Nikkei 225 fell 5.96% to 57,434.77, its lowest close since April. It is 20.6% below its June 25 record, by our count. Korea’s KOSPI fell 6.02% and halted trading at the open. Taiwan’s Taiex fell 4.51%. Chipmakers led, and SoftBank fell 11%, Reuters reported.

China

Hong Kong’s Hang Seng fell 1.27% and the Shanghai Composite 1.10%. Shanghai is 1.4% above its one-year low, set Oct 30.

The size of it

Reuters put the AI sell-off at $3.2 trillion in its morning briefing. Other one-day estimates were about $3 trillion off the S&P 500 and $2.5 trillion off the Nasdaq on Thursday.

U.S. futures

They fell only in the first 15 minutes after the 6:00 PM ET reopen. At 8:39 AM ET, Nasdaq 100 futures were up 1.24%, S&P 500 futures up 0.09% and Dow futures down 0.97%. AMD and Micron rose before the bell.

Europe

The STOXX 600 was down 1.61% and Germany’s DAX 2.31% at 8:34 AM ET.

Bonds

Investors bought European and Japanese bonds, Reuters reported. Japan’s 10-year yield fell 0.09 point to 1.795% and Germany’s 10-year fell to 3.22%. U.S. Treasury yields rose instead, before and after the jobs report.

Iran, Hormuz and oil

The Gulf headlines overnight moved oil more than gold. Brent fell on both tanker reports.

Tankers

Iran’s Revolutionary Guards said two tankers hit mines in the Strait of Hormuz, Tasnim reported at 2:41 AM ET. No ship was named and no one else confirmed it. Separately, the UK Maritime Trade Operations center reported an explosion at the waterline of a tanker 16 nautical miles east of Khasab, Oman. It happened Thursday at 5:00 PM ET, and the crew is safe.

Talks

Qatar’s Emir Sheikh Tamim spoke with President Trump about mediation toward an agreement to end the war, Qatar’s royal court said. Gold rose $11 in the next 15 minutes, and Brent fell $0.88.

Iran’s terms

Iranian officials said Hormuz stays closed until the U.S. meets “seven conditions” sent through Qatari mediators. Iran hasn’t published the list.

Oil

Brent crude was $98.71 at 8:45 AM ET, down 0.5% from Thursday’s close. It traded between $96.67 and $100.83 overnight.

Silver price today: up 0.4%, near $52

Spot silver is $51.98, up $0.19 from Thursday’s close of $51.79. It fell with gold in Asia to $51.19 at 1:00 AM ET. It then rose to $52.38 at 8:15 AM ET, its high since the reopen. The jobs report took it to $51.45 for a moment.

Silver rose 0.4% while gold fell 1.0%, so the gold/silver ratio fell to 77.9 from 78.9. Silver fell less than gold in Asia and gained more in London. We found no silver-specific news.

Gold/silver ratio, past two weeks

Gold/silver ratio: how it has moved with gold over 90 days

Silver has moved with gold and further. From daily COMEX futures closes, Aug 7 to Nov 5 (64 trading days):

Overnight broke the pattern for a down day: gold fell 1% and the ratio fell 1.1. The intraday view shows silver held up in Asia and gained more than gold in London.

Gold/silver ratio: where 77.9 sits in the longer history

From daily COMEX futures closes since 2000, and the 2-year Treasury yield from the Federal Reserve:

The last time the ratio was this high

Before the past two weeks, it was Nov 26, 2025, when it closed at 78.71 with gold at $4,165 and silver at $52.92. Silver’s run to its record followed. A month later the ratio was 62.2, with silver up 32% and gold up 4%. That is one episode, not a forecast.

A year ago

On Nov 5, 2025 the ratio was 83.4, with gold at $3,992.90 and silver at $47.86. To Thursday’s close, gold futures were up 3.0% over the year and silver up 9.1%.

Before gold’s record

The ratio was 87.7 six months before gold’s record close of $5,318.40 on Jan 29, 2026. It was 84.5 three months before, 62.2 a month before and 46.6 on the day. Silver’s record close, $115.08, came on Jan 26 with the ratio at 44.2.

Since the record

Gold futures are down 22.7% and silver 54.6%, to Thursday’s close.

Rate days

Since gold’s record, the 2-year yield rose 0.05 point or more on 29 days. Gold fell on 22 of them, and the ratio rose on 19. This morning the 2-year is up about 0.05 point and gold is down, but the ratio fell.

Other jumps to this level

Since 2000 the ratio has jumped to about 78 after weeks well below it in February 2003, October 2008, September 2020 and September 2021. Three months later it was lower in three of the four. Four cases is a small sample.

In the past 90 days, the ratio has risen on most of gold’s big down days. Overnight it fell instead. That is a description of recent trading, not a forecast.

Gold and silver price levels we’re watching

Gold’s range since the reopen is $74.17, about 1.1 times a typical full day over the past two months. Gold’s London high was $4,081.22 at 4:15 AM ET.

Trend check

On our monthly trend model, both metals read bear as of the Oct 30 month-end. Their 12-month and one-month returns, after cash returns, were both down. Since 2002, gold rose in the month after a bear month 49% of the time; that is history, not a forecast. Gold’s live 12-month return is 1.7% below zero, so a 1.7% rise would turn it positive. Silver’s live reading is a correction.

What the Fed is expected to do next

Fed funds futures imply about 72% odds of a quarter-point hike at the December 9 meeting, as of 8:37 AM ET, up from 69% at Thursday’s close. Counting the January 27 meeting, futures price about 79% odds of at least one hike. By March 17 it is about 87%.

New York Fed President John Williams, the Fed’s vice chair, spoke in Frankfurt at 4:30 AM ET. “Inflation is absolutely too high,” he said. He added that inflation expectations “remain well anchored” and that it is an “appropriate time to accumulate more information.” He gave no signal on December, Reuters reported. Gold fell $4.50 in the next 15 minutes.

St. Louis Fed President Alberto Musalem speaks at 9:10 AM ET, and Governor Michelle Bowman at 12:15 PM ET.

Economic calendar: what’s next for gold

What today’s move means if you buy physical gold or silver

Gold is about $40 below Thursday’s close and silver about 19 cents above it. Overnight, gold traded in a $74 range.

Your price

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Silver spot (XAG/USD), past two weeks

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