Global gold prices weakened again during Wednesday’s trading session (November 11, 2026), extending losses from the previous session due to inflationary pressure in the United States and a strengthening US dollar.
Spot gold fell 1.1% to US$3,986.79 per troy ounce, after having reached as high as US$4,066.77 earlier in the session. Meanwhile, US gold futures for December delivery closed 0.7% lower at US$4,000.50. This decline follows a nearly 3% correction on Tuesday, triggered by US consumer inflation data for October, which rose by 0.4%—surpassing market expectations of 0.3%.
The higher-than-expected inflation data has reinforced expectations for an aggressive monetary policy from the Federal Reserve. According to the CME FedWatch Tool, the probability of a 25-basis-point interest rate hike in December now stands at 87%, while the likelihood of a 50-basis-point increase has risen to 12.9%, up from near zero previously. Hawkish remarks from Federal Reserve Governor Christopher Waller further pushed the US dollar to its highest level since April 2025. This environment has dampened the appeal of gold; a stronger dollar increases purchasing costs for foreign investors, while higher interest rates raise the opportunity cost of holding non-yielding assets.
Nevertheless, demand for gold from China and various central banks continues to provide support for prices. StoneX market strategist Bob Haberkorn noted that central bank purchases of the precious metal have helped cushion downward pressure amid expectations of sustained high interest rates.
Meanwhile, silver rose 0.7% to US$51.88 per troy ounce, and palladium climbed 1.8% to US$1,043. Investors are now closely watching gold’s ability to hold above US$4,000, as well as developments regarding the dollar, Treasury yields, and Federal Reserve policy ahead of the December meeting.
Source: Newsmaker.id