Gold Price Today: Bullion Holds Near $4,120 After 5% Weekly Rally As Oil Slips To $92, But Fed Rate Risks Persist

Gold held above $4,100 an ounce on 10 November 2026. The metal had advanced 1.7% in the previous session and added 5% over the preceding week. Easing inflation concerns supported bullion as oil prices fell on hopes of a diplomatic resolution to the West Asia conflict.

Brent crude fell to around $92 a barrel. Expectations of progress in Iran-US peace negotiations strengthened after the US midterm elections the previous week. Lower energy prices helped ease concerns that inflation could remain elevated.

Gold Price Today

Spot gold was down 0.3% at $4,127.80 an ounce as of 8:27 am Singapore time. Silver also declined 0.3% to $53.30 an ounce after gaining nearly 3% in the earlier session.

Platinum and palladium edged lower. The Bloomberg Dollar Spot Index was marginally higher after falling 0.5% in Monday’s session.

At 10:56 am IST, today’s gold rate stood at $4,120.48 an ounce, up 0.35%.

Lower Oil Prices And Dollar Weakness

Gold and oil have generally moved in opposite directions during the year. Higher energy prices had fuelled inflation concerns and expectations of tighter monetary policy, creating a headwind for the non-yielding metal.

A decline in the US dollar also supported demand. Gold is valued in US dollars. This means a weaker dollar makes the metal cheaper for customers using other currencies.

December Rate Hike Expectations: A Risk For Gold

The outlook remains uncertain despite the recent gains. Federal Reserve officials have stressed the need to contain inflation, while traders are pricing in a high likelihood of an interest rate increase in December. Remarks from officials also pointed to continued economic strength and inflationary pressure.

A market strategy note described the near-term outlook for gold as moderately bullish to sideways through year-end. But conviction is weak, with major investors said to be on the sidelines until January. Short-term price changes may be more reliant on trend-following trades and physical demand.

Also Read - Anthropic Withdraws $69 Billion IPO Filing After Pricing Error As Michael Burry Flags Spending Risks And Aswath Damodaran Cuts Estimate