November 7 Gold Weekend Review: Look at Futures Settlement and Spot Rebound Separately

Author: Thomas | Evening Review | Originally scheduled for November 7 at 21:00, supplemented and published on November 8, 2026.

Summary: A supplementary note on Friday's post-NFP low-level spot rebound and December futures settlement, outlining the verification sequence from the weekend to Monday.

A market record should be divided into two columns

Reuters reported that at 13:54 New York time on November 6, which is 02:54 Beijing time on November 7, spot gold was quoted at $4,074.36 per ounce, down 0.3% from the comparison basis used in its report. The report also recorded that spot gold had earlier touched $4,033.29. The difference between the two time points is $41.07, indicating that there had been a notable recovery from the intraday low. This is a spot record from the same report, and the time field should be retained in the review.

The other column records U.S. December gold futures. Reuters reported that the contract settled at $4,074.90 per ounce, down 0.9% from the previous settlement day. Although both prices are near $4,074, they correspond to different products, time points, and comparison bases. The spot snapshot can be used to describe the intraday rebound, while the futures settlement can be used to track the daily change of the same expiry contract. To calculate the spot weekly return, two weekend prices from the same source and with a consistent methodology are still needed; this article does not calculate it on that basis.

Two interpretations after the NFP

The U.S. Bureau of Labor Statistics announced on November 6 that October nonfarm payrolls increased by 165,000, the unemployment rate was 4.1%, and average hourly earnings rose 0.4% month on month. Reuters reported that the data was stronger than expected, and the dollar and U.S. Treasury yields rose. The bearish interpretation focuses on the holding cost brought by interest rates possibly remaining at a higher level, as well as gold's decline after the data. If the dollar and yields remain firm on the next trading day and the gold rebound stalls again at a lower level, this explanation will gain more price evidence.

Another interpretation emphasizes the spot rebound from the intraday low and holds that the initial decline did not fully extend to the snapshot in the report. When observing this scenario, watch whether the structure formed by the rebound can be maintained after the open, and whether the dollar and yields give back their post-data moves. The intraday rebound may come from multiple factors, and price alone cannot confirm the specific buyers and their motives. If gold approaches the low again and fails to recover, the judgment on the sustainability of the repair should be lowered.

From the weekend to Monday, verify three things first

First, save quotes from the same platform before and after Friday's data release. Mark each time segment and the bid/ask prices used, and avoid using page update times during market closure in place of execution times. Second, wait for the platform to resume regular trading, check whether there are price gaps, whether spreads have widened, and whether the high and low recorded on Friday are still relevant to the current structure. Third, then combine the dollar and yields to observe whether the changes can persist, especially paying attention to whether prices return to the original range after brief opening volatility.

Next week, the U.S. Bureau of Labor Statistics is scheduled to release October CPI on November 10 and PPI on November 13, both at 21:30 Beijing time. Over the weekend, one can first organize scenarios in which employment and inflation may give different signals, and on Monday use actual quotes to test existing judgments. Price gaps and execution deviations may change exit costs, and weekend plans should be updated after the market reopens. This article is a supplementary note within the originally scheduled weekend review period, with facts covering up to 21:00 Beijing time on November 7.