Gold Rebounds Above $3,900 From a One-Year Low but Is Still Down About 4% on the Week as Fed Hike Bets Build
Spot gold recovered to around $3,904 to $3,919 after its lowest price in over a year, silver held near $50, and traders braced for US producer prices with a December Fed rate rise priced at 89%.
Friday, November 13, 2026/2 min read
Gold bounced on Friday, but it is heading for a heavy weekly loss. Spot gold rose 1.1 percent to $3,918.59 an ounce after touching its lowest level in more than a year the previous session, though it was still down 3.6 percent for the week, Business Recorder reported from Reuters. Silver rose 0.5 percent to $50.27 and is also on course for a weekly decline.
The bounce is a pause in a trend that has been driven by one idea: central bankers may need to raise interest rates again, and gold pays no interest. This is a snapshot of Friday morning, with US inflation data still to come.
What is the gold price today?
The two Friday prints differ because they were taken at different times of the morning, and the range of about $3,904 to $3,919 is the fairest picture of where gold sits as this is written.
At 10:02 GMT, spot gold was up 0.7 percent at $3,904.28, and December futures were up 0.6 percent at $3,907.45, according to Investing.com, which put the weekly loss at roughly 4 percent. Thursday had been brutal: December gold futures fell about 3 percent to $3,879.30, as covered in our earlier gold report.
Kelvin Wong of OANDA called Friday's rise more of a positioning adjustment than a change of direction, after short-term indicators reached oversold levels. He said a turn in US Treasury yields could weaken the dollar and help gold.
How are silver, platinum and palladium trading?
Silver hovered around the $50 mark. Platinum rose 1 percent to $1,533.29 and was on track for a modest weekly gain, while palladium gained 1.8 percent to $1,011.65 but was set for a weekly fall, per the Business Recorder report.
Why is gold falling this week?
The pressure is rates, the dollar and oil. Markets see an 89 percent chance of a quarter-point US rate rise in December, with 11 percent on a half-point move, CME's FedWatch tool showed, and New York Fed president John Williams said more hikes are likely. Oil rose on fading hopes for Middle East peace, raising inflation fears.
ANZ analysts tied the week's retreat to rising energy costs, stronger economic data, higher bond yields and a dollar above 103, Investing.com said. Chicago Fed president Austan Goolsbee and San Francisco Fed president Mary Daly both signalled further tightening.
What data could move gold next?
Traders were waiting for the US producer price index at 13:30 GMT. A hot reading would harden hike bets and push gold back toward its lows, while a soft one could extend the bounce. Weekly jobless claims rose more than expected but remained consistent with a stable labour market, Business Recorder said. For a metal that has fallen so far so fast, the next move is as likely to come from the dollar as from anything in the gold market itself. Beyond that, the Fed's December meeting is the next big decision, and the path for yields will decide whether $3,900 holds.
Published in The Outspoken Digest
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