Key Highlights

● December gold futures settled at $4,114.50 an ounce.

● That was up $39.60.

● Other providers showed prices between $4,138 and $4,149.50.

● The ICE US Dollar Index slipped to about 101.67.

Conventional wisdom says gold struggles when interest rates are set to rise. Gold pays no interest, so higher yields on bonds and cash make it less attractive by comparison. On Monday, November 9, 2026, gold ignored that script.

December gold futures settled at $4,114.50 an ounce, up $39.60, according to news reports. Other data providers showed prices between $4,138 and $4,149.50, likely reflecting later trading or a different contract. Market data reported a solid advance.

FXStreet summed it up in a headline: "Gold defies Fed hike bets, tops $4,100 as Oil rout hits the USD."

The dollar connection

That headline points to the main driver. The US dollar fell on Monday, with the ICE US Dollar Index slipping to about 101.67, according to market data. Market data reported a decline. The euro rose to about $1.121, while the dollar fell to 158.00 yen, reports said.

Gold is priced in dollars worldwide, so a weaker greenback makes it cheaper for buyers using other currencies, which can lift demand. Market data said the dollar was weighed down by political backlash against AI infrastructure, while FXStreet linked it to the oil rout.

Rate-hike odds kept climbing

The rally came despite a hawkish backdrop. CME FedWatch data showed a Federal Reserve rate hike at the December 8-9 meeting as highly likely, with the odds up from Friday. The two-year Treasury Yield rose to about 4.57, according to market coverage.

Fed officials sounded firm. Richmond Fed President Tom Barkin said "the risk lies on the Inflation side of our dual mandate," reports said, and Chicago Fed President Austan Goolsbee warned of AI-driven "demand overheating," according to market reports.

Yet the 10-year yield held near 4.87, well below its October peak above 5.30, reports said, which may have limited pressure on gold.

Silver joins in

Precious metals rose broadly. December silver gained $0.75 to $52.69 an ounce, reports said. Copper also climbed to about $6.35, according to market data, as industrial stocks rallied.

Oil was the big loser among commodities. Brent Crude fell $5.75 to $92.57, reports said, on hopes of a US-Iran peace deal.

A risk-on day for stocks too

Gold's gains came alongside a powerful stock rally, not instead of it. The S&P 500 jumped 173.08 points to 7,549.94, its best day since April 8, and the Nasdaq Composite surged 673.71 points to 25,253.14. Mining-linked stocks such as rare-earth producer MP Materials (NYSE:MP) also rose, according to market data.

Crypto, which some investors treat as an alternative to gold, lagged. Bitcoin hovered near $75,000, roughly flat on the day, according to news reports, while the iShares Bitcoin Trust (NASDAQ:IBIT) slipped.

Gold Defies the Rate Script

Tuesday's October Consumer Price Index is the next big catalyst. It is the last CPI report before the Fed's December meeting, and economists expect monthly price gains to cool from September, according to market coverage. A hot reading could push yields and the dollar higher, a typical headwind for gold.

Investors will also watch the dollar's direction, oil headlines from the Middle East and the December 11 government funding deadline, which could add to Demand for safe havens if a shutdown looks likely. For now, gold's ability to rise alongside both rate-hike bets and a stock rally shows how much weight the market is placing on the dollar's direction.