Gold
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After the Bell: Gold Slips Below $4,000 as the Dollar Climbs
WEDNESDAY, NOVEMBER 11, 2026 · ATLANTA, GA
ALEX LEXINGTON
THE PULSE · AFTER THE BELL
The Pulse · Listen now · 4:33
Wednesday November 11: Gold Slips Below $4,000 as the Dollar Climbs
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MARKET SNAPSHOT
| Gold spot | About $3,987/oz late afternoon, down a little more than 1% (December futures settled $4,000.50, down 0.7%) |
| Silver spot | Near $52/oz, up about 0.5% (December futures settled $52.00, up 1.5%) |
| US Dollar Index | About 102.9, highest since April 2025 |
| 10-Year Treasury | Near 4.98% (bond market closed for Veterans Day; briefly topped 5% Tuesday) |
| WTI / Brent crude | $86.53 / about $92.76 a barrel, both higher |
| S&P 500 | 7,619, up 1.3% |
| December Fed hike odds | About 87% for a quarter point (CME FedWatch) |
| AAA gas, regular | About $3.94 a gallon (national average) |
THE METALS
Gold slipped back below $4,000 an ounce on Wednesday, trading near $3,987 late in the afternoon, down a little more than 1%. It was a second straight down day after Tuesday's hotter-than-expected inflation report. A stronger dollar did most of the damage: when the dollar rises, gold costs more for buyers overseas, and higher expected interest rates make a metal that pays no interest less attractive. Silver held up better, finishing near $52 an ounce, up about 0.5%.
Underneath the day-to-day moves, central banks and other official buyers have bought about 675 tonnes of gold so far this year, roughly 6% more than the same period a year ago, according to figures cited by TD Securities.
THE STORY
The big story is still inflation and the Federal Reserve. Tuesday's Consumer Price Index from the Bureau of Labor Statistics showed prices up 0.4% in October, more than the 0.3% economists expected, with core prices (everything except food and energy) up 0.3%. Traders now bet heavily that the Fed raises interest rates at its December meeting: CME FedWatch puts the odds of a quarter-point hike near 87%. That is market pricing, a bet, not a promise.
The dollar index climbed to about 102.9, its highest level since April 2025. The bond market was closed for Veterans Day; the 10-year Treasury yield, which guides mortgage rates, last stood near 4.98% after briefly topping 5% on Tuesday. Stocks shrugged it off, with the S&P 500 up 1.3%. Oil edged higher on renewed tension around Iran and shipping in the Strait of Hormuz, with U.S. crude settling near $86.50 a barrel.
FROM OUR DESK
Today the traffic at our desk ran one way. Customers were selling to us rather than buying, mostly silver coins and bars, along with some gold, including old jewelry. This is an observation, not a signal.
WHAT AN OUNCE BUYS
AAA puts the national average for regular gas at about $3.94 a gallon. At that price, one ounce of gold near $3,987 would fill a 15-gallon tank about 67 times.
FROM THE FAMILY
One more thing from our family. With gold back near $4,000, more people are asking us what to do with old jewelry. Sometimes the answer is to sell it, and sometimes it's to make it into something new. At Alex Lexington Diamonds, we design custom engagement rings and redesign heirloom pieces using your own gold and stones. Ready to design yours? Book a consultation at alexlexingtondiamonds.com, in Atlanta or from wherever you are.
WHAT IT MEANS FOR YOU
Borrowing: If the Fed raises rates, mortgages, car loans and credit card balances get more expensive, while savings accounts may pay a little more. With the 10-year yield near 5%, home loans remain costly.
At the pump: Oil feeds straight into what you pay for gas. The national average is about $3.94 today, and crude moved higher on Wednesday.
Your metals: A stronger dollar and higher rate expectations pushed gold lower this week, while silver held steadier today. Prices move every day; what matters is how metals fit your own plans.
LISTEN TO THE PULSE
Hear this edition with the player at the top of this page, see all episodes, or follow The Pulse on Spotify.
WHAT TO WATCH TOMORROW
The bond market reopens Thursday, so we'll see how Treasury yields react to this week's inflation news. Weekly jobless claims come out Thursday morning, and Friday brings October's Producer Price Index, a read on what businesses pay.
EPISODE TRANSCRIPT
Read the full transcript
Here's your Wednesday evening update on what moved the markets today, and what it means for you. Gold slipped back below $4,000 an ounce this afternoon, trading near $3,987, down a little more than 1%. That's a second straight down day after Tuesday's hotter-than-expected inflation report. A stronger dollar did most of the damage. When the dollar rises, gold costs more for buyers overseas, and higher expected interest rates make a metal that pays no interest less attractive. Silver held up better, finishing near $52 an ounce, up about 0.5%.
The big story is still inflation and the Federal Reserve. Tuesday's report showed consumer prices rose 0.4% in October, more than the 0.3% economists expected. Now traders are betting heavily that the Fed raises interest rates at its December meeting. The CME FedWatch tool puts the odds of a quarter-point hike at about 87%. That's market pricing, a bet, not a promise. What it means for you: if rates go up, mortgages, car loans and credit card balances get more expensive, while savings accounts may pay a little more.
The dollar index climbed to about 102.9, its highest level since April of last year. The bond market was closed for Veterans Day, and the 10-year Treasury yield, which guides mortgage rates, last stood near 4.98% after briefly topping 5% on Tuesday.
Stocks shrugged it off. The S&P 500 rose 1.3%. Oil edged higher on renewed tension around Iran and shipping in the Strait of Hormuz. U.S. crude settled near $86.50 a barrel. That feeds straight into what you pay at the pump.
Underneath it all, central banks have bought about 675 tonnes of gold so far this year, roughly 6% more than a year ago.
From our desk: today the traffic ran one way. Customers were selling to us rather than buying, mostly silver coins and bars, along with some gold, including old jewelry.
What an ounce buys: AAA puts the national average for regular gas at about $3.94 a gallon. At that price, one ounce of gold would fill a 15-gallon tank about 67 times.
One more thing from our family. With gold back near $4,000, more people are asking us what to do with old jewelry. Sometimes the answer is to sell it, and sometimes it's to make it into something new. At Alex Lexington Diamonds, we design custom engagement rings and redesign heirloom pieces using your own gold and stones. Ready to design yours? Book a consultation at alexlexingtondiamonds.com, in Atlanta or from wherever you are.
What to watch tomorrow: the bond market reopens, so we'll see how Treasury yields react to this week's inflation news. Weekly jobless claims come out in the morning, and Friday brings October's producer price index, a read on what businesses pay.
Enjoying The Pulse? Like, subscribe and join our newsletter, and tell us what news you want next. And grab our free Buyer's and Seller's Guide at alexlexington.com, yours to use with us or any dealer. That's your market for today. When you're ready to buy, sell or secure your precious metals, the Alex Lexington family is here for you. See you soon.
DISCLOSURE
This content is for education only and is not investment advice. Alex Lexington does not provide personalized financial advice; talk with a precious metals broker or advisor you trust about your own situation. Prices are approximate and drawn from public sources at the time of writing.
Sources: Kitco News (gold and silver prices, central bank purchases, Fed odds); USAGOLD daily report; Investrade and TheStreet market reviews (index closes, futures settlements, oil); Reuters via Kitco (U.S. Dollar Index, CME FedWatch); U.S. Bureau of Labor Statistics, Consumer Price Index for October 2026; AAA national gas price average (November 11, 2026).