Gold above $4,100 as markets turn to US inflation
Gold traded above $4,100 an ounce on 9 November, according to The Wall Street Journal. Reuters linked the rise to weaker crude prices, which eased inflation concerns. That was an intraday reading and could change before the close.
The next US consumer inflation release could shift expectations for interest rates. Physical gold pays no interest. When real yields rise, the opportunity cost of holding it increases. Exchange rates also matter. Investors who track gold in euros can see a different move from the one quoted in dollars.
Longer-term demand tells another part of the story. The World Gold Council reported that central bank purchases and ETF inflows supported the market in the third quarter of 2026, while total demand by weight fell 1% year on year. An intraday price move and a quarter of demand describe different things.
Sources
The Wall Street Journal https://www.wsj.com/finance/commodities-futures/gold-edges-higher-amid-mixed-signals-00565ca1
Reuters https://www.reuters.com/world/india/gold-gains-more-than-1-softer-oil-prices-ease-inflation-worries-2026-11-09/
World Gold Council https://www.gold.org/news-and-events/press-releases/central-bank-buying-and-etf-inflows-support-gold-demand-q3