Weekly market report (2–6 November 2026): strong NFP, gold surges, oil slumps
Week of 2–6 November 2026: US payrolls +165k, the Bank of England hikes to 4%, gold up 4.5%, oil down about 13% and a tech-stock sell-off, plus next week's calendar.
Contents
The week in brief
The first week of November was one of the most volatile of the year: tech stocks sold off hard, oil posted its steepest weekly fall since 2020, gold had its best week since late August, and a strong US jobs report on Friday lifted the dollar.
Key data: US payrolls (October NFP)
| Indicator | Actual | Expected |
|---|---|---|
| Non-farm payrolls | 165k | about 60k |
| Unemployment rate | 4.1% | — |
| Hourly earnings (m/m / y/y) | 0.4% / 3.1% | — |
Earlier months were also revised up. After the report, futures priced roughly a 75% chance of a Fed rate hike in December, and the US 10-year yield held above 4.9%.
Central banks
- Bank of England: raised Bank Rate by 25 basis points to 4.00% (8–1 vote).
- Federal Reserve: no decision this week, but speakers (Williams, Musalem, Daly) kept a hawkish tone.
- Bank of Japan: rate unchanged at 1.25%; the minutes released this week were hawkish.
- ECB: euro-area inflation was 4.0% in October, and markets expect a December hike.
Markets at a glance
| Asset | Weekly close | Weekly change |
|---|---|---|
| Gold (XAUUSD) | about $4,060–4,075 | +4.5% |
| Silver | about $51.9 | +5.7% |
| Brent crude | $98.32 | about −13% |
| WTI crude | $90.83 | about −13% |
| EURUSD | about 1.1140 | −0.1% |
| USDJPY | about 158.5 | yen −0.6% |
| USDCAD | about 1.4125 | +1% |
| Dollar index (DXY) | 102.32 | about +0.4% |
| S&P 500 | 7,376.86 | −2.7% |
| Nasdaq | 24,579.42 | −3.4% |
| Dow Jones | 51,285.73 | −0.9% |
Gold touched $4,146 on Thursday. Technically, next week's supports sit near $3,942 and $3,802, with resistance near $4,155 and $4,228.
In Asia, Japan's Nikkei fell about 6% on Friday for its worst week since March 2020, and Korea's Kospi dropped about 8%, triggering circuit breakers.
Next week's calendar (9–13 November)
- Mon 9 Nov: China CPI and PPI
- Tue 10 Nov: US October CPI (expected 0.3% headline, 0.2% core), BoJ Summary of Opinions, speeches by Lane (ECB) and Pill (BoE)
- Wed 11 Nov: German final CPI; US bond market closed
- Thu 12 Nov: UK Q3 GDP, US jobless claims
- Fri 13 Nov: US PPI and euro-area Q3 GDP
Bottom line
With a Fed hike now more likely, Tuesday's CPI is the key event of the week. A hotter number could lift the dollar and weigh on gold; a softer one, the opposite.
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This report is educational and informational, not investment advice. Past results do not guarantee future results.
Sources: Open Outcry Trade, PMI Precious Metals Week in Review, Weekly Wrap 2–6 November
Forex and CFD trading carries a high level of risk due to leverage and you may lose more than your initial capital. Content on this site is educational and not investment advice.
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