Gold price stalls near $4,148 ahead of US CPI release
ITF Team2 min read
Gold hovers around $4,113 per ounce, facing resistance at $4,148 as traders await the US CPI data on Nov 10, 2026. Silver is near $52.54, testing the $53.11 pivot.
Key takeaways
- Gold traded around $4,113 per ounce on Nov 9, 2026, with resistance at $4,148.
- Silver was near $52.54 per ounce, facing a key pivot at $53.11.
- Physically backed gold ETFs attracted $2.7 billion in October, raising global holdings to 4,275 tonnes.
- US CPI data are scheduled for Nov 10, 2026, following October payrolls of +165,000 and unemployment at 4.1%.
Gold (XAU/USD) remained close to $4,113 per troy ounce on Nov 9, 2026, as the market priced in the upcoming US consumer‑price index (CPI) report due on Nov 10. The metal is testing a resistance zone around $4,148, a level that would need a clean four‑hour close above to open the path toward $4,200.
Technical picture and price action
The four‑hour chart shows gold above the $4,088.51 support line and the descending trendline that has guided the recent rebound. RSI stays above the 50‑point midpoint but is edging toward its signal line, indicating that buying momentum is still present but losing steam. A break above $4,147.62 would confirm the upside, while a fall below $4,051.45 could invalidate the recovery view.
Silver (XAG/USD) traded near $52.54 per ounce, just below the $53.11 pivot that acted as a recent rejection point. The metal is also above its short‑term moving average, but the same four‑hour RSI dynamics apply, keeping the bias neutral until a decisive breakout occurs.
Fundamental drivers behind the metals
The US labour market remains tight: October non‑farm payrolls rose by 165,000 and unemployment held at 4.1%, giving the Federal Reserve room to keep the focus on inflation. Higher rates are a headwind for non‑interest‑bearing assets like gold and silver, making the upcoming CPI reading critical for price direction.
On the supply side, lower crude oil prices have eased inflation concerns, while diplomatic signals from the United States regarding Iran have reduced geopolitical risk premiums. A softer dollar also supports overseas demand for gold, as seen in the continued inflows into physically backed ETFs.
Read also: Dollar index subdued as lower oil prices ease inflation pressure
Investment demand and market sentiment
The World Gold Council reported that gold ETFs attracted $2.7 billion of net inflows in October, the fourth month in a row, pushing total holdings to a record 4,275 tonnes. European funds were the biggest buyers, whereas North American funds posted modest outflows, highlighting a regional split in investment sentiment.
Silver demand is bolstered by industrial uses in data centres, AI hardware and automotive applications, according to the Silver Institute. However, weaker consumption in the solar sector offsets some of that support, leaving the metal’s price still dependent on a mix of industrial and investment factors.
What to watch next
Key events to monitor are the US CPI release on Nov 10 and the producer‑price index on Nov 13. A softer CPI could lower expectations for further rate hikes, potentially allowing gold to break above $4,148 and silver to clear $53.11. Conversely, a stronger CPI would reinforce the Fed’s hawkish stance and could push both metals back toward their support zones.
- Gold resistance: $4,148; next target $4,200
- Gold support: $4,088.5 and $4,051.5
- Silver resistance: $53.11; next target $54.62
- Silver support: $51.15 and $49.99
Frequently asked questions
Why is gold stuck near $4,148 before the US CPI?
Gold is trading just below the $4,148 resistance because traders are waiting for the US CPI data on Nov 10. The CPI will signal whether inflation is easing, which could influence the Fed’s rate outlook. A clear break above $4,148 after the CPI would suggest that the market expects lower inflation pressure.
What does the $2.7 billion ETF inflow mean for gold?
The $2.7 billion net inflow into physically backed gold ETFs in October lifted global holdings to a record 4,275 tonnes. This shows strong investment demand, especially from European investors, and provides a supportive backdrop for price stability even as rate‑sensitive factors remain.
Official data sources
Related news
- Dollar index subdued as lower oil prices ease inflation pressure
- Silver price nears $53 as oil falls and inflation pressure eases
- Gold rebounds above $4,100 despite strong US NFP data
- AUD/USD holds gains after China CPI data
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This article is compiled from international market news for information only. It is not investment advice.