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October non-farm payrolls rose by 165,000 and unemployment fell to 4.1%, while CPI rose 0.4% month-on-month and core CPI 0.3%, both above expectations. Market-implied odds of a December Fed hike rose to nearly 90%, and a 50-basis-point option was priced in.
Fed officials, including Governor Waller, signaled a hawkish stance.
Stronger US data and a firmer Fed path lift the dollar and raise borrowing costs across commodity markets, which can reduce speculative demand and pressure dollar-quoted feed prices. Precious metals are not feed inputs, so the direct feed impact is indirect.
news.metal.comSMMNov 12, 2026After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
