Gold Slips Below $4,000 to $3,973 and Silver Holds Near $51.4 as Traders Price a December Fed Hike and the Dollar Climbs

Silver, which had jumped 2.9 percent to $53.01 in the Asian session, gave most of that back during the day.

Where are gold and silver on Thursday morning?

Investing.com quoted figures at 05:16 GMT: spot gold down 0.4 percent at $3,973.13, US futures down 0.6 percent at $3,978.57, silver down 0.6 percent at $51.36, platinum down 0.2 percent at $1,535.84 and palladium up 0.1 percent at $1,034.06. The dollar index was at 102.98. These are indications from early trade and move by the minute.

Why is gold falling?

Rates and the dollar. Gold pays no interest, so higher expected rates and a stronger currency both cut its appeal. Kitco said the dollar index rose about 0.7 percent on Wednesday to roughly 102.90, near its highest since April 2025, and that the bond market was shut for Veterans Day, so Tuesday's 10-year yield above 5 percent remained the latest reference. Two-year yields jumped 18 basis points on Tuesday.

Fed officials have not helped. Investing.com said Chicago Fed President Austan Goolsbee called the inflation report borderline disturbing, and that policymaker Anna Paulson said price pressure was not being driven by temporary factors. On pricing, Kitco's evening report put the odds at about 87.1 percent for a 25-basis-point hike at the 8 and 9 December meeting and about 12.9 percent for 50 basis points. CNBC's page cited Fed governor Christopher Waller saying a 0.3 percent core reading would lead him to consider a half-point rise.

What do analysts say about the next move?

The tone is cautious. ANZ analysts, quoted by Investing.com, said resilient economic data raised the odds of a more aggressive Fed and that rising yields and a firmer dollar weighed on demand. Bob Haberkorn of StoneX, on CNBC, said strong third-quarter buying by central banks has kept a floor under prices.

Kitco's levels give a map: resistance for gold near $3,988 and $4,020, support at $3,910 and $3,890; for silver, resistance at $52.12 and support at $51.09. With the bond market reopening on Thursday and the dollar near its strongest in more than a year, those floors face a real test.