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XAU/USD is closing the week down almost 4.5% and sits near $3,879 - the bottom in 13 months. Pressure comes from US Treasury yields at 5.15% and the dollar index at a 19-month high.
The US Bureau of Labor Statistics (BLS) published the producer price index (PPI) for October. Annual growth accelerated from 6.3% to 6.5%, but came in slightly below the forecast, while the monthly rate slowed sharply - from 1.3% to 0.3%.
XAU/USD fell to $3,985 per ounce - the second decline in a row. The trigger is October US inflation: after the report, futures price a Fed rate hike at the December meeting as a done deal.
DXY (dollar index, the dollar's exchange rate against a basket of currencies) reached 103.048 during the Asian session on Thursday - for the first time since early April 2025. In the previous session it gained 0.7% after US inflation came in above forecast.
On Wednesday, November 11, by 11:58 Moscow time, silver (XAG/USD) was worth $52.92 per troy ounce versus $51.52 at Tuesday's close. In the European session, the metal rose almost 3%, to around $53.00.
On Thursday XAU/USD gained about 1%: it rebounded from $4,057 and settled above $4,100 amid the sell-off in US equities. On Friday morning the gains did not hold - the dollar recovered its losses, and the metal slipped back below $4,100 ahead of the release of the US jobs report.
On Thursday, November 5, the Japanese yen became the strongest currency of the day: money fled from US tech stocks into it, and the Bank of Japan's minutes added to expectations of a December rate hike.
The ADP employment report for October was released on November 4 at 16:15 MSK: +86K private sector jobs versus the expected +69K and +90K the month before.
The euro gained more than 0.6% against the dollar on Wednesday and approached four-week highs. Two reasons came together at once: price growth in the eurozone accelerated to a three-year peak, and the Democrats won the US midterm congressional elections.
As of 12:31 Moscow time on November 4, silver (XAG/USD) is trading at $52.01 per troy ounce versus $49.67 at Tuesday's close. That is +4.71% in one session, according to FXStreet.
In the midterm elections on November 3, Democrats won a majority in the Senate - 54 seats according to Associated Press counts, with 51 needed for control. Republicans, who entered the elections holding both chambers of Congress, are losing the Senate and risk losing the House of Representatives.
Overnight into November 4, BTC lost more than $2,000 in a few hours and fell to $75,700. The trigger was the first results of the US midterm congressional elections, which indicated a Democratic advantage in both chambers.
On Tuesday, November 3, the US holds midterm elections - the re-election of Congress in the middle of the presidential term. Democrats need to win back just three seats in the House of Representatives to take it over and stall Donald Trump's agenda in the final two years of his term.
The Fed's Open Market Committee voted 10 to 2 to keep the rate in the 3.75-4.00% range, but left the possibility of a hike as early as December in its statement. HSBC, in its November 2 currency review, confirmed its view of a strong dollar through 2027, warning that the path there will be bumpy.
Gold closed October with a 6.87% decline, and on Friday it hit a new yearly low of $3,870. On Monday the metal is being bought back: XAU/USD around $3,900, up 0.64% for the day, with an intraday high of $3,919. The metal is still about 30% below the all-time peak of $5,600 set in January.
On Monday, November 2, spot gold is trading around $3,906.39 per ounce - up $30.55 (+0.79%) from Friday's close of $3,875.84. The rebound follows Friday's plunge of nearly 3.5% to a one-year low. Reuters recorded $3,900.05 (+0.6%) at the start of the Asian session.
The Canadian dollar is strengthening for the third session in a row: the USD/CAD pair headed toward 1.3968 on Friday and traded below 1.3960 - the lowest level in six weeks. Over three weeks, the pair has lost more than 2%.
On October 29, XAU/USD fell more than 1% - from the day's high of $4,069 to $4,019. Strong US economic data interrupted gold's three-day winning streak and reinforced the market's bet that the Fed will raise rates in December.
On October 28, The Depository Trust Company (DTC) - the main US depository, through which clearing of trades on NASDAQ passes - activated the DTCC Tokenization Service. Traditional stocks and bonds can now be converted into tokens on a blockchain and sent to digital wallets while retaining the same ownership rights.
On Thursday, October 22, the Nasdaq Composite closed at 26,008.86 - down 694 points, or 2.6%. The main blow fell on chipmakers: the Philadelphia Semiconductor sector index plunged 6.72%.
On Friday, October 23, at the start of the US session, BTC plunged to $80,988 - the low of the day. At the same time, Brent crude jumped about 3% to $116 per barrel, for the first time since March 19, and US stocks closed the week in the red.
In the early hours of Friday, gold (XAU/USD) fell to $3,986 - below $4,000 for the first time since July. Before that, on Thursday, the metal lost 2.81% over the session. By midday the price had rebounded to $4,029, but gold is closing the week down more than 3%.
On Thursday, October 22, XAU/USD lost more than 2% and dropped to $4,047, and in the Asian session on October 23 it reached **$3,986.74** - the lowest level in three months. The $4,066.64-$4,227.90 corridor, in which the metal had traded for three weeks since the start of October, was broken to the downside.
On Thursday Brent rose 2.6% to $111.66 per barrel - a five-month high, and in the evening Moscow time quotes went above $113. The rally was driven by Houthi attacks on Saudi infrastructure and expectations of a new military escalation around Iran.
