November 9, 2026 - Gold Rises 1.28% to $4,122.57, Silver Gains 1.77% to $52.87 and Brent Falls 1.24% to $97.10

Global Markets

(A) Precious Metals

Gold: $4,122.57/oz (+1.28%)

Gold rose 1.28% to $4,122.57/oz as lower oil prices eased inflation concerns and dollar weakness supported demand. Trump's indication that further Iran strikes were unlikely improved sentiment, while 81% expectations of a December Fed rate hike limited gains.

Silver: $52.87/oz (+1.77%)

Silver gained 1.77% to $52.87/oz, supported by gold's recovery, a softer dollar and improving Asian equity markets. However, stronger U.S. employment data and 81% Fed rate-hike expectations remained potential headwinds.

(B) Energy

Brent Crude: $97.10/bbl (-1.24%)

Brent fell 1.24% to $97.10/bbl as Trump signalled further Iran attacks were unlikely, easing Middle East supply concerns. A 16% weekly oil decline and an estimated 1.4 million barrels-per-day supply surplus added pressure, despite ongoing Strait of Hormuz risks.

(C) FX

DXY: 102.20

The U.S. Dollar Index held near 102.20 after Friday's 0.70% surge, supported by strong U.S. employment data and 79% expectations of a December Fed rate hike, up from 71%. Fed President John Williams warned inflation remained too high, reinforcing expectations of tighter monetary policy.

USD/JPY: 158.185 (-0.20%)

USD/JPY declined 0.20% to 158.185 as the yen recovered modestly following Friday's 0.60% dollar rally. BOJ Governor Kazuo Ueda warned of upside inflation risks, supporting the yen, although stronger U.S. employment data and Fed tightening expectations limited its recovery.

EUR/USD: 1.11485 (+0.10%)

EUR/USD gained 0.10% to 1.11485, recovering slightly after Friday's 0.70% decline. However, strong U.S. employment data and elevated Fed rate-hike expectations continued to pressure the euro, which recently touched 1.1105, its weakest level since May 2025.

GBP/USD: 1.3360 (+0.10%)

GBP/USD rose 0.10% to 1.3360 as sterling recovered modestly following Friday's dollar-driven decline. However, strong U.S. employment figures and expectations of further Fed tightening restricted gains, despite support from the Bank of England's recent interest-rate increase.

AUD/USD: 0.6875 (+0.30%)

AUD/USD advanced 0.30% to 0.6875, recovering after Friday's more than 1% decline to a seven-month low of 0.6855. Improving Asian equity sentiment supported the Australian dollar, while strong U.S. payrolls and higher Fed rate expectations continued to limit gains.

NZD/USD: 0.5557 (+0.40%)

NZD/USD gained 0.40% to 0.5557, rebounding from a seven-month low of 0.5529 following New Zealand's parliamentary elections. Prime Minister Christopher Luxon's coalition secured a preliminary 67 of 131 seats, but nearly 15% of votes remain uncounted, maintaining political uncertainty until final results on November 27.

USD/CAD: 1.4119 (-0.10%)

USD/CAD declined 0.10% to 1.4119 as the Canadian dollar recovered slightly after Friday's 1.10% decline. Unexpected Canadian job losses and stronger U.S. employment data continued to pressure the loonie, while increased Fed tightening expectations supported the dollar.

High-Impact Economic Events

Note: These events are for informational purposes only. Please conduct your own research before making any market decisions.

Volatility

The VIX eased to 25.64 from 28.18 as technology stocks recovered, although Fed uncertainty and inflation concerns kept volatility elevated.

What Markets Are Watching

1. U.S. Inflation Data, Employment Strength & Federal Reserve Policy

Strong October employment data lowered unemployment to 4.1%, lifting December Fed rate-hike expectations to approximately 79-81% from 71%. Investors await Tuesday's CPI and Friday's PPI reports, with stronger inflation readings potentially reinforcing dollar strength and putting renewed pressure on precious metals.

2. Asian Equity Recovery, AI Valuations & Technology Earnings

Asian equities rebounded following last week's AI-led selloff, with Japan's Nikkei gaining 3.5%, Taiwan's benchmark rising more than 6%, and MSCI Asia-Pacific shares outside Japan advancing 2%. Investors are monitoring earnings from CoreWeave, Applied Materials and Cisco for further evidence of AI investment profitability.

3. Middle East Oil Risks, U.S.-Iran Negotiations & New Zealand Elections

Brent stabilised near $98.35/bbl after a 16% weekly decline, as Trump downplayed further Iran strikes despite continued Strait of Hormuz disruptions. Meanwhile, New Zealand's preliminary election results indicated a narrow 67-seat coalition majority out of 131 seats, with final results due November 27, sustaining uncertainty around the New Zealand dollar.