Pre-MarketNº 46·1Monday, Nov 9, 2026 · 8:45 AM ET (7:45 AM CT)
Gold Price Today: Gold Rises 1.2% to $4,119 as Stocks Rebound and Oil Falls
Spot gold was $4,119.48 at 8:45 AM ET, up $48.89 from Friday’s close. It rose at the Asian open as stock futures climbed, slipped with Nasdaq futures, then gained again as Brent fell. Silver is up 1.35% at $52.65.
By the Ausecure Trading Desk · 8 min read
Gold
$4,119.48
+1.20% from $4,070.59 Friday
+1.2% from $4,070.59 Nov 6 close
+6.3% from $3,875.65 Oct 30 close
−6.1% from $4,341.10 Dec 31, futures
Silver
$52.65
+1.35% from $51.94 Friday
+1.4% from $51.94 Nov 6 close
+7.2% from $49.13 Oct 30 close
−26.1% from $70.13 Dec 31, futures
Fed odds from fed funds futures (our calculation); next Fed decision Dec 9, 2:00 PM ET. The YTD tab uses COMEX futures daily closes. For general information only, not investment advice. Ausecure is a precious-metals dealer and sells the products discussed.
This pre-market note uses spot prices as of 8:45 AM ET on Nov 9, 2026. For Friday’s session, when gold closed down $17.69 at $4,070.59 after the jobs report, read the market close note.
The short version
- Gold price today: spot gold is $4,119.48 an ounce at 8:45 AM ET, up $48.89 (1.20%) from Friday’s 5:00 PM ET close of $4,070.59.
- Overnight: gold fell to $4,054.40 after the reopen, then reached $4,134.14 by 9:00 PM ET Sunday as Asian markets opened. It fell $36 in the early European hours and gained $27 as oil dropped.
- Oil: Brent crude is near $94, down about $4 from Friday. President Trump told CNN new strikes on Iran are “highly unlikely” if talks progress, and an unconfirmed report said Iran had accepted a Qatari plan.
- Silver price today: spot silver is $52.65, up $0.70 (1.35%). The gold/silver ratio is 78.2, down from 78.4.
- Next: the October consumer price index comes out Tuesday at 8:30 AM ET. Fed funds futures price a December hike at about 86%.
Why is gold up today?
Gold made its gain in two stretches: the Asian open, when stock futures rose, and the European morning, when oil fell. Reuters credited lower oil. That fits the morning. Oil was flat during the largest rise.
- Reopen (6:00 to 7:00 PM ET Sunday). Spot gold fell $16.19 from Friday’s close to $4,054.40 on light trading. We found no clear trigger.
- Asian open (7:00 to 8:15 PM ET). Gold rose $51.84. The 7:30 PM ET bar alone added $27.59, on about three times normal activity. Tokyo and Seoul had opened and stock futures rose. Brent held near $97.50, and we found no headline for that bar.
- China data (8:30 PM ET). Gold rose $16.88 in the 15 minutes after China’s October inflation report, and reached its high of $4,134.14 in the 9:00 PM ET bar. Shanghai opened at the same time and stock futures were rising, so we can’t separate the causes.
- Late Asia (9:15 to 10:00 PM ET). Gold fell $10.89 as Brent rose about $0.30. We found no single trigger. Axios reported the Trump-Qatar meeting in this stretch.
- Early Europe (1:00 to 3:00 AM ET). Gold fell $36.30 to $4,086.69, with Nasdaq 100 futures down 285 points. Korea’s market had turned lower into its close, and Nvidia was falling. Oil and the dollar also fell, so neither explains this leg.
- Oil leg (6:00 to 8:30 AM ET). Gold rose $27.13 to $4,125.51 as Brent fell from $96.42 to a low of $93.57. The dollar index was flat.
- The last bar (8:30 AM ET). Gold gave back $6.03 to $4,119.48. No U.S. data came out at that time.
Our read is that gold followed risk appetite at the Asian open and oil in the morning. We can see the timing and the volume, not who traded.
Gold spot (XAU/USD), past two weeks
Today’s economic data and what it means
No major U.S. report is due today. China published its October inflation data on Sunday night.
| Report | Forecast | Actual | What it means |
|---|---|---|---|
| China PPI y/y | 5.3% | 5.7% | October, 8:30 PM ET Sunday. Factory-gate prices rose at the fastest pace since June 2022 |
| China CPI y/y | 0.8% | 0.7% | October, 8:30 PM ET Sunday. Down from 0.9% in September |
| Wholesale stocks | 0.6% | Due | Final inventories figure, 10:00 AM ET |
- China (National Bureau of Statistics)
- Producer prices rose 5.7% from a year earlier, above the 5.3% in a Reuters poll and up from 5.0% in September. Mining and raw materials drove the rise. Consumer prices rose 0.7%, below the 0.8% forecast. Gold rose $16.88 in the 15 minutes that followed, with stock futures rising too.
- October CPI, Tuesday 8:30 AM ET
- Forex Factory lists forecasts of 0.3% for headline CPI on the month, after 0.6% in September, and 0.2% for core, after 0.3%. The report won’t carry a 12-month rate, Kiplinger reported, because the Bureau of Labor Statistics didn’t collect October 2025 prices during the government shutdown. The Financial Times’ Market Questions asks, “Will US inflation data ease affordability concerns?” The body of that piece is behind a paywall.
- Treasury auction
- The Treasury sells $58 billion of 3-year notes at 1:00 PM ET.
What it adds up to: today has no U.S. data to set the direction, so oil and Iran headlines have moved gold. CPI is the next big release, and December hike odds are already high going into it.
How much was the dollar?
The U.S. Dollar Index is 101.84, down 0.43% from Friday’s close. Priced against that basket, gold is up about 0.8%. Over the past two weeks gold is up 2.4% and the dollar is down 0.1%.
The 10-year Treasury yield is 4.84%, down 0.02 point from Friday. The 30-year is 5.24%, down 0.03 point. The 2-year is 4.53%, up 0.01 point. Treasury’s Friday figures had the 10-year at 4.86% and the 30-year at 5.26%. The 10-year real yield was 2.63% on Friday, up 0.03 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.
Iran, Hormuz and oil
Brent crude is near $94, down about $4 from Friday. It reached a low of $93.57 at 8:00 AM ET. Gold rose in the same stretch.
- Trump
- He told CNN on Sunday that new strikes are “highly unlikely” if talks progress and Iran signs a “very strong agreement.” That came before the metals market reopened.
- Qatar
- Trump and Vice President Vance meet Qatar’s prime minister in Washington today. Reuters reported senior U.S. and Gulf officials doubt a deal is close. Axios reported the meeting at 9:52 PM ET Sunday. Gold futures fell about $9 in the next 20 minutes as Brent rose about $0.40.
- Rubio
- The Secretary of State said late Sunday that talks are not “at the verge of a breakthrough,” CBS News reported. He called Iran’s demands “really not realistic,” Reuters reported.
- Iran’s plan
- Foreign Ministry spokesperson Esmaeil Baghaei said Iran’s two-day plan to reopen the Strait of Hormuz is the “most reasonable” proposal, Al Jazeera and Reuters reported. It asks the U.S. to act first.
- An unconfirmed report
- Israel Hayom said early Monday, citing two diplomatic sources, that Iran had signed off on a Qatari-brokered plan to reopen Hormuz. Neither government has confirmed it. Wider coverage came around 6:15 AM ET. Brent fell $0.89 in that 15-minute bar, and gold rose $4.47.
- Mediators
- Turkey’s intelligence chief Ibrahim Kalin said a deal on the table is “fair for both sides,” Al Jazeera reported. A senior Qatari official told Al Jazeera negotiations are still under way. China’s special envoy Zhai Jun met a senior Iranian security official in Iran, Al Jazeera reported.
- Blockade
- Trump said Sunday that Task Force Iron Gate, set up by U.S. Central Command on Saturday to cut Iran’s land supply routes, is “in full force and effect.” His post came before the metals market reopened.
- Tankers
- Iran’s navy said it hit at least 11 tankers in Hormuz over 10 days, Tasnim reported. That is Iran’s claim. Al Jazeera posted it at 7:45 AM ET. Gold rose $4.42 in that 15-minute bar as Brent fell $1.10.
- Attacks
- An attack damaged an Aramco building in Riyadh’s financial district on Sunday, the Saudi energy ministry said, and the Houthis said they were responsible. That came before the metals market reopened. A drone hit Iraq’s Khor Mor gas field and cut power to more than 70% of the Kurdish region, Al Jazeera reported. Iranian media reported blasts on Qeshm Island on Sunday, and the U.S. hasn’t commented.
- Lebanon
- President Joseph Aoun demanded a halt to Israeli attacks. Secretary Rubio ordered Lebanon’s consul general in Detroit to leave the U.S., Al Jazeera reported. We found no gold reaction to either.
Israel: Eisenkot gets the first try at forming a government
President Isaac Herzog gave Gadi Eisenkot the mandate on Sunday, the Jewish Telegraphic Agency reported. He has up to six weeks: 28 days, plus a possible 14-day extension. Eisenkot received 67 recommendations from lawmakers, and Benjamin Netanyahu 46. His path to a majority likely runs through the Arab parties. Netanyahu stays in office until a new government is sworn in. The decision came before the metals market reopened, so there is no gold reaction to measure.
China’s central bank and Asian stocks
- Central-bank gold
- China held 78.30 million ounces of gold at the end of October, up 0.83 million ounces (about 25.8 tonnes) from September, according to China’s foreign-exchange regulator. September’s rise was 0.74 million ounces. The figure came out on Saturday in Beijing, while metals were closed.
- Stocks
- Japan’s Nikkei rose 2.33%. Taiwan’s Taiex rose 4.94%, as limits on short selling took effect. Korea’s KOSPI fell 0.81%. S&P 500 futures were up 0.69% at 8:21 AM ET, and Nasdaq 100 futures up 0.57%. Nvidia fell about 4% before the U.S. open on a board review involving its chief executive, Reuters reported.
- World Gold Council
- Its weekly monitor said “The Fed might regret its inaction, and markets their downgrading of further hikes.” It said these developments “could provide some near-term macro headwinds for gold,” and that softer CPI “might allow for a breather.”
Silver price today: up 1.35%, above $52
Spot silver is $52.65, up $0.70 from Friday’s close of $51.94. It fell to $51.55 at the reopen and reached $53.46 in the 9:00 PM ET bar. It slipped to $52.07 at 2:45 AM ET.
Silver gained more than gold in Asia, and the gold/silver ratio fell to 77.41 at 8:30 PM ET. Silver gave back most of that lead in Europe. It lagged during the oil leg, and the ratio is 78.2. 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 10 to Nov 6 (64 trading days):
Gold/silver ratio, daily futures close
Biggest one-day risesBiggest one-day falls
- Aug 20Ratio −1.95 as gold rose 0.6% and silver rose 3.5%.
- Sep 9Ratio −1.31 to 65.65, the 90-day low, as gold rose 0.5% and silver rose 2.5%.
- Sep 10Ratio +2.91 as gold fell 1.2% and silver 5.4%.
- Oct 14Ratio +3.34, the biggest one-day rise, as gold fell 1.7% and silver 6.1%.
- Oct 22Ratio +1.87 as gold fell 2.2% and silver 4.6%.
- Oct 30Ratio +2.17 as gold fell 3.3% and silver 5.9%.
Each dot is one day in the 90 days. Across: gold’s change. Up: silver’s.
Black line: silver’s average move against gold’s over 90 days. Dashed: a move the same size as gold’s. 1 month: 1.7×. 1 year: 1.9×.
| Level | Ratio | Note |
|---|---|---|
| 1-year high | 83.51 | Nov 7, 2025 |
| 1-month and 90-day high | 79.46 | Nov 3 |
| Friday’s close | 78.66 | Nov 6 |
| 1-month low | 68.45 | Oct 6 |
| 90-day low | 65.65 | Sep 9 |
| 1-year low | 44.16 | Jan 26, the day of silver’s highest close in the year |
1 month: since the Oct 6 close. 90 days: since Aug 10. 1 year: since Nov 6, 2025. All to Friday’s close, from daily COMEX futures closes.
This morning fits the pattern for an up day: gold rose 1.2% and the ratio fell 0.1. The intraday view shows silver led in Asia and lagged in Europe.
Gold/silver ratio: where 78.2 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
- The last time the ratio was this high, before the past two weeks, was Nov 26, 2025, when it closed at 78.71 with gold at $4,165 and silver at $52.92. A month later the ratio was 62.2, with silver up 32% and gold up 4%. That is one episode, inside silver’s run to its record, and not a forecast.
- A year ago
- A year ago (Nov 6, 2025) the ratio was 83.5, with gold at $3,991 and silver at $47.79. To Friday’s close, gold futures were up 2.1% over the year and silver up 8.4%.
- 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, 51.2 a week 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 23.4% and silver 55.0%, to Friday’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 0.01 point, so it isn’t one of those days.
- Other jumps to this level
- Since 2000 the ratio has jumped to about 78 after weeks well below it in February 2003, October 2008, July 2017, September 2020 and September 2021. Three months later it was lower in four of the five. Five cases is a small sample.
| Ratio level | Ratio | Why it matters |
|---|---|---|
| A year ago | 83.5 | Nov 6, 2025 futures close |
| Nov 3 futures | 79.46 | The highest daily futures close in 90 days |
| Last this high | 78.71 | Nov 26, 2025, before silver’s run to $115 |
| Night high | 78.56 | Spot, 6:15 PM ET Sunday, at the reopen |
| Fri close | 78.36 | Spot, where today’s move started |
| This morning | 78.25 | 8:30 AM ET bar |
| Night low | 77.41 | 8:30 PM ET Sunday, silver’s strongest point |
| 90-day median | 68.5 | Daily futures closes since Aug 10 |
| At gold’s record | 46.6 | Jan 29, 2026, gold’s record close |
In the past 90 days, the ratio has fallen on most of gold’s big up days, and this morning it fell a little. That is a description of recent trading, not a forecast.
Gold and silver price levels we’re watching
| Level | Gold | Silver | Why it matters |
|---|---|---|---|
| Last wk high | $4,146.92 | $53.48 | Late Wednesday, Nov 4. Not retested |
| Night highs | $4,134.14 | $53.46 | Both in the 9:00 PM ET bar Sunday |
| Morning high | $4,129.63 | $52.87 | Gold’s at 8:15 AM ET; silver’s at 6:30 AM ET |
| Round number | $4,100 | $52.00 | Gold has closed above $4,100 since 6:00 AM ET. Silver has closed above $52 since 7:00 PM ET Sunday |
| Morning lows | $4,084.49 | $52.07 | Both at 2:45 AM ET, the pullback low |
| Fri close | $4,070.59 | $51.94 | 5:00 PM ET Friday, where today’s move started |
| Reopen lows | $4,054.40 | $51.55 | Gold’s at 6:45 PM ET Sunday; silver’s at 6:00 PM ET |
| Fri lows | $4,029.83 | $51.37 | New York lows after the jobs report. Not tested today |
Gold’s range since the reopen is $79.74, about 1.3 times a typical full day over the past two months. Gold is above Friday’s New York high of $4,078.65.
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 0.1% below zero, so a 0.1% 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 86% odds of a quarter-point hike at the December 9 meeting, as of 8:47 AM ET, up from 81% at Friday’s close. The November contract trades thinly, and one tick in it moves the December figure about seven points. With an earlier November price, the same calculation read 79% at 8:31 AM ET. Counting the January 27 meeting, futures price about 89% odds of at least one hike. By March 17 it is about 94%.
We found no new Fed releases or speeches since Friday’s close. Vice Chair for Supervision Michelle Bowman had a discussion on community banking at 8:40 AM ET, and no text was posted when we wrote this. Chicago Fed President Austan Goolsbee takes questions at 10:00 AM ET. Richmond Fed President Tom Barkin speaks at 12:15 PM ET.
Economic calendar: what’s next for gold
- Mon Nov 9, 10:00 AM ET
- Chicago Fed President Austan Goolsbee takes questions. Final wholesale inventories.
- Mon Nov 9, 12:15 PM ET
- Richmond Fed President Tom Barkin speaks.
- Mon Nov 9, 1:00 PM ET
- $58 billion 3-year Treasury auction. President Trump and Vice President Vance also meet Qatar’s prime minister today; no time has been given.
- Tue Nov 10, 8:30 AM ET
- October CPI. Forecast 0.3% on the month, core 0.2%. Fed Governor Christopher Waller speaks at 4:00 AM ET, and a $42 billion 10-year auction follows at 1:00 PM ET.
- Wed Nov 11
- Veterans Day. The bond market is closed.
- Thu Nov 12, 8:30 AM ET
- Weekly jobless claims. Freddie Mac’s mortgage survey at 12:00 PM ET and a 30-year Treasury auction at 1:00 PM ET.
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This weekAusecure closing ask
| Day | Gold | Change | Silver | Silver change |
|---|---|---|---|---|
| MonNov 9 | $4,145.10 | +1.8% | $53.56 | +2.8% |
| WeekendWeekly email | Read last week’s | |||
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What today’s move means if you buy physical gold or silver
Gold is about $49 above Friday’s close and silver about 70 cents above it. Overnight, gold traded in an $80 range.
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Silver spot (XAG/USD), past two weeks
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Frequently asked questions
What is the gold price today?
Spot gold was $4,119.48 an ounce at 8:45 AM ET on Nov 9, 2026, up $48.89 (1.20%) from Friday’s close of $4,070.59. Since Sunday evening’s reopen it has traded between $4,054.40 and $4,134.14. For the current bid and ask, see our live metal prices page.
Why did gold rise overnight?
The largest gain came at the Asian open, when stock futures rose and oil was flat. A second gain came in the European morning, as Brent fell to about $94 on hopes for U.S.-Iran talks.
Why did gold fall in the early European hours?
Gold lost $36 between 1:00 and 3:00 AM ET, in step with Nasdaq 100 futures. Oil and the dollar fell in the same stretch. We found no gold-specific headline.
What is expected from Tuesday’s CPI report?
Forecasts are 0.3% for headline CPI on the month and 0.2% for core. September’s figures were 0.6% and 0.3%. Fed funds futures price a December hike at about 86%, so a soft report would have room to lower those odds.
Is a rise like this a good time to buy gold?
We don’t give investment advice, and no one can reliably call short-term highs or lows. Gold is up $49 from Friday, with CPI due tomorrow. Some buyers wait; others buy a fixed amount on a schedule, which our Auto-Buy program does automatically. Whatever you choose, compare the premium over spot.
This note is general market commentary from the Ausecure trading desk, based on data available at 8:48 AM ET on Nov 9, 2026. It is for informational purposes only and is not investment, tax or financial advice, or a recommendation to buy or sell any product. Ausecure is a dealer in physical precious metals and earns revenue from the products discussed. Precious-metal prices can go down as well as up, and past performance does not guarantee future results. Consider your own circumstances, and speak with a qualified adviser if you need one, before you buy.
Sources: OANDA spot gold and silver, TVC dollar index, Treasury yields and Brent crude via TradingView; CBOT 30-day fed funds futures (Ausecure calculation); U.S. Treasury (daily yield curves); Freddie Mac (Primary Mortgage Market Survey); Federal Reserve Board calendar; Federal Reserve Bank of Chicago; Federal Reserve Bank of St. Louis FRED (2-year Treasury yield); China National Bureau of Statistics; China State Administration of Foreign Exchange; World Gold Council (Weekly Markets Monitor, Nov 9, 2026); CNN; Reuters; Axios; Al Jazeera; CBS News; Israel Hayom (unconfirmed report); Tasnim (Iranian navy claim, as relayed); Jewish Telegraphic Agency; The National; Kiplinger; Financial Times (headline and standfirst only); COMEX gold and silver futures, Brent futures, currencies and index data via Yahoo Finance and TradingView (delayed); Forex Factory economic calendar; Ausecure monthly trend model (COMEX front-month futures and T-bill rates via Yahoo Finance).
How this note is made: based on Ausecure’s own prices and data and the market sources listed above, then checked and approved by Ausecure before it was published.
