Gold prices recovered on Monday, November 9, as oil prices cooled and the US dollar slipped. JPMorgan estimates gold could jump to $6,000 an ounce by the end of 2026. While recent US jobs data caused volatility, experts said stronger labour markets and interest rate uncertainty will keep prices moving.
Gold prices recovered on Monday, November 9, a day after Diwali as oil prices cooled, while the US dollar slipped.The recent rally comes after days of volatililty with prices surging following US midterm elections, while it fell again, when strong US jobs data raised expectations that the Federal Reserve will raise interest rates in December.
The latest surge has raised questions if gold's long-term upward momentum can be sustained. Gold prices are expected to jump towards $6,000 an ounce by the year ends, nearly 46.34% rise from the current market price, NDTV reported, citing estimates by JP Morgan. Both stronger US labour market and uncertainty over interest rates is expected to keep the precious metal rates volatile in the near term, it added.
On Monday, Spot Gold rose 0.74% to $4,100.38, while Spot silver traded 1.13% higher at $52.54. In India too, MCX gold December futures jumped 0.71% to Rs 1,43,547 and MCX silver December futures surged 1.12% to Rs 1,87,180.
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Gold's current decline comes as oil prices slipped on Monday, with Brent crude falling below $94 a barrel after recording its biggest weekly loss since April 2020. Brent crude futures fell 4.5% to $93.86 per barrel after US President Donald Trump struck a more conciliatory tone about Iran over the weekend, saying it's “highly unlikely” he will order extensive strikes on the Islamic Republic.
Both oil and gold prices have moved inversely in 2026 as higher energy prices raised expectations of tighter monetary policy, a headwind for the non-yielding metal. Treasury yields and crude have tumbled in recent sessions as expectations grow over Democrats, after taking control of Congress, will push to end the conflict with Iran, with the government likely to less support for higher spending and borrowing.
Meanwhile, China's central bank continued to increase its gold reserves in October, extending its buying streak to two consecutive years, Bloomberg reported.