Gold held above $4,100 an ounce on Tuesday morning, 10 November, after a strong jump on Monday took it to its highest level since 21 October, with traders now waiting for US inflation data due later today.

Gold closed Monday's trading at $4,139.04 per troy ounce, up 1.81%, according to Refinitiv data. In Tuesday morning trading it was changing hands at around $4,143.46 per ounce at 06:27 WIB, about 0.11% higher than Monday's close. That morning reading is an intraday price and can move through the day.

UK price eases slightly in early trading

In the UK, the live spot price per troy ounce was £3,073.85 in early trading on Tuesday, down £12.86, or 0.42%, from the previous session's close of £3,086.71. That is an intraday reading, equal to about $4,132.54 internationally, and it sits inside a 30-day trading range of £2,893.16 to £3,173.11 an ounce.

The metal has now risen 4.49% over the past seven days in sterling terms, although it remains about 2.98% lower than a month ago. Over the past year it is up 1.27% in sterling, against a 52-week average of £3,316.84 an ounce, which shows how far the price has pulled back from the highs seen earlier in the year.

Weaker dollar and cheaper oil lend support

Gold regained support after the US dollar weakened and crude oil prices fell. Cheaper oil eases inflation worries, which in turn takes pressure off expectations for interest rates, and a softer dollar makes gold cheaper for buyers using other currencies.

Investor attention is now fixed on US consumer inflation data scheduled for release on Tuesday, 10 November. The figures are the latest test of whether price pressures are cooling, and they could shape expectations for the Federal Reserve's rate path in the run-up to its December meeting.

Can gold hold $4,100?

With gold back above $4,100 an ounce, traders will watch whether the metal can hold the level once the inflation figures land, or whether a stronger-than-expected reading sends it back below it. A soft reading, on the other hand, would likely be read as good news for gold, since it would strengthen the case for interest rate cuts and keep the dollar under pressure.

Either way, Monday's jump has put the metal back in focus after weeks of drifting lower, and Tuesday's data will decide whether the recovery has legs. The $4,100 level has become the line traders are watching, and a second daily close above it would confirm that the rebound is more than a one-day move.