Gold · Daily move

Gold gives back its Monday rally and slides toward $4,020 as a hot October CPI and a hawkish Waller lift Fed hike bets; silver drops almost 4%

By VoxTradePro Desk · Published 11 Nov 2026, 08:15 UTC+8 · 3 min read

Spot gold fell about 2.8% to near $4,021 on 10 November after hotter US inflation and hawkish Fed comments. Silver lost 3.9%. Key levels and what comes next.

Gold handed back all of Monday's gains and more on Tuesday. Spot bullion fell about 2.8% to $4,021.36 an ounce on 10 November, according to CNBC citing Reuters, while December gold futures dropped 1.9% to $4,036.00. GoldTicker put the previous close at $4,140.66 and the session range at $4,014.83 to $4,146.16, which means the metal finished the US day close to its low.

The reversal was sharp because it came from strength. Invezz reported that gold touched a three-week high of about $4,149 during Asian trading on Tuesday, building on a rebound from a yearly low near $3,870. Within hours, the rally had been erased.

What changed: inflation and the Fed

The trigger was the October US consumer price index. Headline CPI rose 0.4% for the month against a 0.3% consensus, and core CPI, which strips out food and energy, rose 0.3% against a 0.2% forecast, Invezz reported. We covered the release itself in our CPI breakdown; here the focus is on what it did to metals.

Gold was already slipping before the data. In a speech in London, Fed Governor Christopher Waller said he leaned toward a quarter-point increase in December, but that a 50 basis point hike "should be considered" if core CPI came in around 0.3% or higher, according to Invezz. The core reading landed exactly on that line.

Rate markets reacted quickly. CNBC reported that a 25 basis point hike at the 8–9 December meeting is now fully priced in CME's FedWatch tool, and that the chance of a 50 basis point move jumped to about 10.5% from zero before the release. Invezz, reading the same tool at a different time, cited 14.7%. The Fed's target range currently sits at 3.75%–4.00%.

Why higher rate bets hurt gold

Gold pays no interest, so its appeal depends partly on what investors give up by holding it. When rate expectations rise, so do bond yields. Invezz reported that the 10-year Treasury yield climbed to about 4.938% and the 2-year to about 4.698%, a move of more than 15 basis points at the short end.

The dollar firmed too, with the US Dollar Index up roughly 0.4% near 102.0. A stronger dollar makes bullion more expensive for buyers paying in other currencies, which tends to cool demand at the margin. On Monday the opposite mix of a softer dollar and falling oil had lifted gold; on Tuesday both forces turned against it.

Silver and palladium fell harder

The selling spread across the precious metals complex. Silver dropped 3.9% to $51.32, and palladium lost 2.0% to $1,021.22, CNBC reported. Silver's bigger fall is typical on risk-off days, because it trades as both a monetary and an industrial metal and has a thinner market. GoldTicker put the gold/silver ratio near 78.5, meaning one ounce of gold bought about 78 ounces of silver.

Where prices stand this morning

Asian trading on Wednesday has been calmer. Our own data feed, sourced from Gold-API.com, showed spot gold at $4,042.50 and silver at $51.71 at 08:22 Macau time on 11 November, a small bounce from Tuesday's lows. You can follow the live quote on our gold price page and silver price page.

For chart watchers, the levels in the reports are clear enough:

$4,015–$4,035: Tuesday's low area, cited by GoldTicker and Investing.com
$4,140–$4,150: Monday's close and Tuesday's three-week high
$3,870: the yearly low mentioned by Invezz

Levels like these show where buyers and sellers reacted before. They do not predict the next move. Our guide to support, resistance and pivot points explains how traders use them.

What to watch next

The next test is whether the Fed's message holds. Any further comments from Fed officials that change the odds of a 50 basis point hike would likely show up quickly in yields, the dollar and gold. Oil also matters: Brent's slide below $90 earlier this week eased inflation fears, so a rebound in crude could add pressure on metals. Check the economic calendar for dates.

Moves of 2–4% in a day are large for precious metals. If you trade around data releases, size positions so a sudden swing stays within your limits. The position size calculator and the gold calculator can help, and the paper trading simulator lets you practise without real money. For a longer view, see our gold price forecast and gold vs silver comparison.

Sources

Not financial advice. This article is for general information and education only. It is not a recommendation to buy, sell or hold any asset. Prices move quickly and figures quoted may already be out of date; markets involve risk, including the loss of capital. See our disclaimer.

Related markets: Gold Silver Palladium