🥇 Morning Gold Briefing | November 9
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📊 Key Indicators
· COMEX gold: $4,079.6/oz (-0.44%)
· Shanghai Gold Au99.99: 874.6 yuan/g (-0.53%)
· U.S. Dollar Index (DXY): 102.29
· U.S. 10-year Treasury yield: 4.87% (20-day change: -39 bp)
· Approximate real interest rate (10Y−CPI): +1.17%
· Brent crude: $98.32
· Federal funds rate ceiling: 4.00%
· CPI year over year: 3.70% PPI: 6.34%
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🔍 Gold Price Drivers (Current)
· U.S. Treasury yield trend +51 (bullish)
· Cross-asset fund flows -49 (bearish)
· Policy pricing -24 (bearish)
· Oil price pass-through +22 (bullish)
· Safe-haven sentiment +22 (bullish)
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🎯 Market pricing for the next FOMC meeting
· Rate hike 77.0% / no change 21.5% / rate cut 1.5%
· Pricing as of: 2026-11-09
🏦 Central bank net gold purchases over the past 12 months: approx. +305 tonnes
📉 U.S. debt/GDP: 121.2%
😰 VIX: 25.6 ｜ SPDR Gold ETF holdings: 1,041.4 tonnes
💡 In a nutshell: The real interest rate (10Y−CPI) is the direct anchor for gold prices; its current reading, together with FOMC pricing, determines the short-term direction
What’s your take on gold today? Share your thoughts in the comments 👇
⚠️ Data compiled from public sources; this is not investment advice