Gold (GC) futures trade near $4,080 per ounce on November 6, 2026, rebounding from late-October lows near $3,879 amid a weaker dollar and lower Treasury yields, though persistent inflation and roughly 65-70% odds of a December Fed rate hike cap gains. Higher-for-longer policy expectations, reinforced by September PCE at 3.6% year-over-year and core at 3.1%, elevate the opportunity cost of holding non-yielding bullion while oil volatility adds inflationary pressure. Recent central-bank purchases and safe-haven flows provide structural support, yet Goldman Sachs trimmed its end-2026 target to $4,150. Friday’s nonfarm payrolls report and subsequent FOMC communications represent the key near-term catalysts that could shift rate-path pricing and gold’s trajectory into year-end.