Market analysis as of November 13, 2026. This reflects conditions at the time of writing and is for informational purposes only, not financial advice.
Gold has fallen sharply this week. After closing at around $4,140 on Monday, November 9, the metal dropped below $3,900 by Thursday, November 12, its lowest level in about a year, according to market reports. That is a fall of roughly 6% in three sessions.
How the Sell-Off Unfolded
- Monday, Nov 9: gold rallied almost 1.75% to about $4,140 as the dollar weakened.
- Tuesday, Nov 10: fell about 2% to around $4,055 after US inflation came in hotter than expected.
- Wednesday, Nov 11: steadied near $4,040.
- Thursday, Nov 12: broke below $4,000 and slid to around $3,870 in some reports.
Why Gold Is Falling
1. Higher interest rate expectations
Gold pays no interest. When rates rise, holding gold becomes less attractive compared with bonds or cash, which now pay more. After October’s CPI report, markets priced an almost certain Fed hike in December, and Fed Governor Waller has said a half-point move should be considered.
2. A stronger dollar
Gold is priced in dollars. When the dollar rises, gold becomes more expensive for buyers using other currencies, which tends to reduce demand. The dollar index has climbed to an 18-month high this week.
3. Rising bond yields
US 10-year Treasury yields climbed from around 4.8% to 5% over the week, raising the opportunity cost of holding gold.
Why Geopolitics Didn’t Help
Gold is often seen as a safe haven in times of conflict. But this week, rate expectations mattered more. Even as oil prices jumped more than 3% on Thursday after Iranian state media reported an attack, and as hopes for a quick US–Iran deal faded, gold kept falling. When the Fed is in focus, rates usually win.
The Bigger Picture
Gold remains far below its record high above $5,000 set in late January 2026. The metal has been in a broad downtrend since then as central banks around the world have raised rates.
Levels to Watch
- $4,000: the round number gold has just lost. It may now act as resistance on any bounce.
- $3,850–3,870: this week’s low area, the first support.
What Could Turn Gold Around
- A softer-than-expected US data run, such as weak retail sales on November 17
- FOMC minutes on November 18 that sound less aggressive than feared
- A sharp escalation in geopolitical risk that triggers broad safe-haven buying
Risk Reminder
Fast-moving markets can reverse sharply. Use a stop-loss on every trade and keep position sizes small. See our risk management guide.