Global gold prices tumbled again during Thursday’s trading session (November 12, 2026), marking a third consecutive day of declines and reaching their lowest level since October 2025.
Spot gold fell 2.7% to US$3,880.93 per troy ounce, while U.S. gold futures for December delivery closed 2.9% lower at US$3,885.30. Selling pressure intensified after U.S. President Donald Trump stated that Washington does not need a deal with Iran—a remark that dampened hopes for a resolution to the conflict and fueled a rise in global oil prices.
The surge in energy costs has reignited concerns regarding U.S. inflation and reinforced expectations that the Federal Reserve will maintain a tight monetary policy. This situation has been compounded by consumer inflation data that exceeded forecasts, hawkish remarks from Fed officials, and a strengthening U.S. dollar, which reached its highest level in nearly 19 months. The market currently estimates an 87% probability of a 25-basis-point interest rate hike in December, with the likelihood of a more aggressive 50-basis-point increase also on the rise. The combination of a strong dollar and the prospect of high interest rates has made gold less attractive, as the metal does not yield interest.
Downward pressure on gold was further exacerbated by automated selling, as the price drop triggered stop-loss orders on long positions established over the past two weeks. Meanwhile, uncertainty within the U.S. technology sector has weighed on market sentiment, following a leadership change at Nvidia that has raised concerns regarding the outlook for the artificial intelligence (AI) industry. Meanwhile, silver fell 3% to US$50.12, platinum weakened 1.2% to US$1,518.49, and palladium dropped 3.1% to US$995.91. Investors are now awaiting U.S. producer price index (PPI) data on Friday for further clues regarding the direction of the Federal Reserve's interest rate policy.
Source: Newsmaker.id