{
  "id": 18451131,
  "title": "Gold drops over 1% on higher oil prices; US payrolls data in focus",
  "url": "https://urgent.news/2026/11/06/gold-drops-over-1-on-higher-oil-prices-us-payrolls-data-in-focus",
  "topic": "business",
  "section": "Business",
  "published": "2026-11-06T05:54:22.000Z",
  "source": {
    "name": "Business Recorder",
    "slug": "business-recorder",
    "url": "https://www.brecorder.com/news/40447728/gold-drops-over-1-on-higher-oil-prices-us-payrolls-data-in-focus"
  },
  "original_language": "en",
  "account": "Gold prices declined over 1% on Friday amid rising oil costs, amplifying concerns about inflation and the prospect of sustained higher interest rates, as investors awaited key U.S. employment figures later in the day. Spot gold slipped 1.1% to $4,044.09 per ounce by 0501 GMT, on track for its strongest weekly performance since late August. U.S. gold futures for December delivery dropped 1.5% to $4,053.30.\n\nIlya Spivak, head of global macro at Tastylive, noted that oil prices rebounded over the past day, remaining a significant inflationary factor affecting gold. Oil surged more than 1% as it approached a notable weekly decline due to expectations of a de-escalation in the Iran conflict following the U.S. election, with Middle East supply concerns persisting to support prices.\n\nHigher energy expenses can exacerbate the perception that the Federal Reserve will maintain interest rates at elevated levels for longer periods, adversely impacting the non-interest-bearing gold. Asia's technology-focused markets plummeted due to apprehension over tightened regulatory oversight and a slowdown in artificial intelligence development, marking the steepest decline in U.S. stocks since the \"Liberation Day\" rout triggered by tariffs in April 2025.\n\nAccording to Tim Waterer, chief market analyst at KCM Trade, in conditions of risk aversion such as these, gold positions are being liquidated to release cash and cover margin requirements elsewhere, temporarily undermining gold's traditional safe-haven status. The U.S. non-farm payrolls report is scheduled for release at 1330 GMT, with traders currently estimating a 68% probability of a December rate hike from the near certainty seen the previous month, as reported by CME's FedWatch tool.\n\nOn Thursday, two Federal Reserve officials argued for a gradual and moderate increase in interest rates to combat inflation surpassing the target. Earlier, Goldman Sachs reduced its projection for the end of 2026 gold price to $4,150 per ounce from $4,650, citing the more hawkish stance of the Federal Reserve.",
  "summary": "Gold prices slipped on Friday as oil prices rebounded, fanning inflation worries and higher-for-longer interest rate expectations, while investors awaited key US payrolls data later in the day. Spot gold fell 1.1% to $4,044.09 per ounce by 0501 GMT, but was on track for its best week since late August. US gold futures for December delivery dropped 1.5% to $4,053.30. “Crude oil has rebounded…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}