Gold is still skewed to the upside against a backdrop of favourable macro backdrop, with US-Iran and CPI in focus

In today's gold price news, gold continues to consolidate around latest highs as markets await new US-Iran developments and the US CPI report tomorrow, according to investingLive. On the US CPI side, the data tomorrow could seal a rate increase for the December FOMC meeting, with dealers already pricing in a 79% probability.

Key points

• We have another minor upward trendline that could act as support on the 1 hour chart.
• He stressed that any decision to avoid further strikes would depend on Iran agreeing to a robust enough pact.
• US Secretary of State Rubio noted negotiations with Iran have made little progress.
• If we get a de-escalation, we could see a dovish repricing on easing inflation worries.
• We get the latest US Jobless Claims figures on Thursday.

Gold price: the details

Even so, he stressed that any decision to avoid further strikes would depend on Iran agreeing to a robust enough pact, while noting that the US is still ready to take military action if necessary. US Secretary of State Rubio noted negotiations with Iran have made little progress, describing Tehran's demands as unacceptable, but stressed that Washington stays open to pursuing a diplomatic resolution. This is because tightening moves at this point should put even more downward pressure on the equity market and long-term Treasury yields against a backdrop of growth worries.

If we get a de-escalation, we could see a dovish repricing on easing inflation worries, which should also support gold in the short-term at the same time. We have another minor upward trendline that could act as support on the 1 hour chart.

We get the latest US Jobless Claims figures on Thursday.

Why traders are watching gold price

Inflation figures decide how long central banks keep interest rates high. Hotter-than-expected readings usually lift bond yields and the local currency, while softer data raise hopes of rate cuts.

Price data feed straight into central-bank decisions, which makes them some of the most market-moving releases on the calendar for forex, bonds and stocks.

Market reaction and data

On the currency side, the latest ECB daily reference rates (2026-11-06) show EUR/USD 1.1165, GBP/USD 1.3385, AUD/USD 0.6871, NZD/USD 0.5544, USD/JPY 158.33, USD/CHF 0.8189, USD/CAD 1.4066, USD/CNY 6.6713. These are reference fixes, not live quotes.

What to watch next for gold price

Next in focus are the coming inflation releases, central-bank reaction to them and changes in market pricing for future rate moves.

Key scheduled releases on the economic calendar:

• USD Core CPI m/m on Tue Nov 10, 13:30 UTC, forecast 0.2%, previous 0.3%
• USD CPI m/m on Tue Nov 10, 13:30 UTC, forecast 0.3%, previous 0.6%
• GBP GDP m/m on Thu Nov 12, 07:00 UTC, forecast 0.0%, previous 0.1%
• USD Core PPI m/m on Fri Nov 13, 13:30 UTC, forecast 0.3%, previous 0.7%
• USD PPI m/m on Fri Nov 13, 13:30 UTC, forecast 0.4%, previous 1.3%

Follow every update in our Top 10 Forex News Today, read Inflation data: What are the main events for today? or see all of today's top market news.

FAQ

What is the latest gold price news?

Gold continues to consolidate around latest highs as markets await new US-Iran developments and the US CPI report tomorrow.

Why do inflation numbers move markets?

Inflation data change expectations for central-bank interest rates, and rate expectations drive currencies, bond yields and stock valuations.

Where does this information come from?

This report is based on coverage from investingLive, checked against market data where available. It is a summary for information only and not investment advice.