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Gold Expert
Gold is slipping this morning as a rebound in oil prices keeps inflation worries alive ahead of today's U.S. jobs report, but the metal is still on track for its best week in more than two months. COMEX gold futures are down about 0.9% near $4,075 an ounce, while spot gold is near $4,070. Silver is up about 0.5% near $52.01, platinum is up about 0.6% near $1,526 and palladium is down about 0.7% near $1,024. Copper is down about 0.3% near $6.25 a pound.
Metals Prices
| Fri Nov 6, 2026 | Gold (USD/oz) | Silver (USD/oz) | Platinum (USD/oz) | Palladium (USD/oz) | COMEX copper, $/lb |
|---|---|---|---|---|---|
| Prior close (Thu.) | $4,113.50 | $51.75 | $1,517.03 | $1,031.09 | $6.270 |
| Latest (early, ~3:29 AM PT) | $4,075.10 | $52.01 | $1,526.01 | $1,024.07 | $6.251 |
| $ change | −$38.40 | +$0.26 | +$8.98 | −$7.02 | −$0.020 |
| % change | −0.93% | +0.50% | +0.59% | −0.68% | −0.31% |
| Gold/silver ratio | ~78.3 |
Gold: COMEX gold December 2026 futures (GCZ6), USD per troy ounce, via CNBC as of about 3:19 AM PT (6:19 AM ET); prior close is Thursday's (Nov. 5) settlement. Silver, platinum and palladium: CNBC spot quotes as of about 3:29 AM PT (6:29 AM ET), with Thursday's closes as shown by CNBC. The gold/silver ratio uses spot gold (about $4,070) and spot silver. Feeds differ slightly.
Copper is an industrial metal, shown for context only: COMEX high-grade copper December 2026 futures (HGZ6), USD per pound, via CNBC as of about 3:19 AM PT (6:19 AM ET); prior close is Thursday's settlement.
What's Moving Metals Today
Oil rebound revives inflation worries. Brent crude climbed back to about $100 a barrel, though it is still on track for a sharp weekly drop on expectations of de-escalation in the US-Iran conflict after the midterm results. Higher energy costs can mean tighter monetary policy, which raises the cost of holding gold, which pays no interest (Reuters).
All eyes on the jobs report. The October U.S. nonfarm payrolls report is due at 8:30 a.m. ET today. A weaker labor market could ease the path of rate hikes and support gold (Reuters).
The Fed remains the main headwind. Two Federal Reserve officials on Thursday backed small, steady rate hikes to rein in above-target inflation, and traders see roughly a 64%–68% chance of a December hike, according to CME's FedWatch tool, down from near certainty last month (Reuters).
Dollar firms after the post-election slide. The dollar regained some ground today, trimming part of bullion's post-election rally (Reuters).
Still a strong week. Even with today's dip, gold is up about 5% this week, its best week since late August, after the Democratic gains in Congress pushed the dollar and Treasury yields lower. Silver, platinum and palladium are also headed for weekly gains (Reuters).
What the Big Banks Expect
Dated published views from top-ten banks (their forecasts, not ours). Several predate the latest moves.
- UBS (Nov. 6): Analyst Giovanni Staunovo says there is an "extremely strong correlation" right now between oil, inflation and gold, and expects gold to be supported if today's payrolls data is in line or weaker (Reuters).
- UBS (Oct. 8): Says high U.S. real yields and a firm dollar could push gold back toward $4,000, where it expects dip buyers to set a floor. It still forecasts $4,600 by December, $5,000 by March 2027, $5,200 by June 2027 and $5,400 by September 2027 (UBS Chief Investment Office; Investing.com). UBS also forecasts a palladium market surplus as weaker automotive demand more than offsets lower mine output in South Africa and Russia (Trading Economics).
- HSBC (Oct. 1): Cut its 2026 average gold forecast to $4,490 from $4,560 and its 2027 average to $4,825. It said gold could face further near-term pressure but is likely nearing a bottom (Reuters).
- J.P. Morgan (2026 outlook): Still sees gold averaging about $6,000/oz in Q4 2026, rising toward $6,300/oz by the end of 2027, while warning that a Fed hiking cycle is the biggest bearish risk (J.P. Morgan Global Research).
- Goldman Sachs (Nov. 5): Lowered its end-2026 gold forecast to $4,150 an ounce from $4,650, citing the Fed's more hawkish policy stance in recent months (Reuters).
- Morgan Stanley (late Sept. / CNBC): Still constructive on a 12-month view and had described $4,000 as a strong floor, citing central-bank buying, potential yield relief and geopolitics (CNBC coverage of Morgan Stanley).
- Bank of America (July 7): Forecasts a 2026 average of $4,360 but sees $5,000 within reach once Fed tightening ends (Reuters).
- Citi (Aug. 12): Silver targets of $75 over 0–3 months and $90 over 6–12 months (Investing.com).
- Deutsche Bank (June): Analyst Michael Hsueh warned that three to four Fed hikes could drag gold toward $3,800 (Deutsche Bank, via financial press).
What Major Refiners See
Dated outlooks from major refiners (their views, not ours):
- Heraeus (2026 forecast): Gold $3,750–$5,000/oz; silver $43–$62/oz; platinum $1,300–$1,800/oz; palladium $950–$1,500/oz, with consolidation early in 2026 before a possible gold-led resumption (Heraeus Precious Metals).
- MKS PAMP (Jan. 2026 outlook): Base-case 2026 averages of gold $4,500, silver $65, platinum $2,000 and palladium $1,900/oz (MKS PAMP).
- Johnson Matthey (May 14, 2026 PGM report): Platinum expected to remain in deficit in 2026; palladium could record a small surplus as auto demand softens (Johnson Matthey).
What to Watch
- Today (Fri., Nov. 6): October jobs report (8:30 a.m. ET).
FAQ
Why is gold lower this morning?
A rebound in oil prices revived inflation worries and expectations of higher interest rates ahead of today's jobs report, and the dollar firmed. Gold is still up about 5% for the week.
Did any banks change their gold forecasts?
Yes. Goldman Sachs on Thursday lowered its end-2026 gold forecast to $4,150 an ounce from $4,650, citing the Fed's more hawkish stance. That is their published view, not a guarantee.
What is the gold/silver ratio right now?
About 78.3 on early spot prices, meaning one ounce of gold buys roughly 78 ounces of silver.
Why is copper in the price table?
Copper is an industrial metal, not a precious metal. We show the COMEX copper futures price for context on industrial demand and the broader economy.
Is the spot price what I'll pay for coins and bars?
No. Spot is the wholesale benchmark; physical products carry a premium over it.
Shop or Sell at Camino Coin Company
Buying or selling? Browse gold bars, silver bullion, platinum, palladium, U.S. silver coins and silver rounds, or see how to sell to us. Visit our Menlo Park store at 846 Santa Cruz Avenue, Menlo Park, CA 94025 (Monday–Friday, 8:30 a.m.–4 p.m.), call 650-348-3000, or toll-free 800-348-8001.
This article is for informational purposes only and is not financial advice. Prices change constantly. Forecasts are third-party opinions, not guarantees. Consult a qualified advisor before investing.
