Gold
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Article: After the Bell: Hot Inflation Report Knocks Gold Down 2%
After the Bell: Hot Inflation Report Knocks Gold Down 2%
TUESDAY, NOVEMBER 10, 2026 · ATLANTA, GA
ALEX LEXINGTON
THE PULSE · AFTER THE BELL
The Pulse · Listen now · 4:17
Tuesday November 10: Hot Inflation Report Knocks Gold Down 2%
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MARKET SNAPSHOT
| Gold Spot | About $4,055/oz, down about 2% on the day |
| Silver Spot | About $51.70/oz, down about 3% on the day |
| October CPI (BLS) | +0.4% m/m (forecast +0.3%); core +0.3% m/m (forecast +0.2%) |
| 10-Year Treasury | About 5.0%, up from about 4.9% Monday |
| US Dollar Index | About 102.3, up about 0.6% |
| S&P 500 | About 7,521, down about 0.4% |
| WTI / Brent Crude | About $86.3 / $91.8 a barrel, both down slightly |
THE METALS
Gold fell about 2% today, to around $4,055 an ounce, and silver dropped about 3%, to near $51.70. The trigger was a hotter-than-expected inflation report. When prices rise faster, the Federal Reserve is more likely to raise interest rates, and higher rates make savings accounts and bonds pay more. Gold pays no interest, so on days like this some investors step away from it.
THE STORY
The Bureau of Labor Statistics said consumer prices rose 0.4% in October, more than the 0.3% economists expected. Core prices, which leave out food and energy because they swing a lot, rose 0.3%, also above the 0.2% forecast. Food rose 0.5% and energy 0.7%. Because of last year's government shutdown, the BLS could not publish the usual year-over-year inflation rates this month.
The Fed reacted quickly. Governor Christopher Waller said before the report that a core reading like this means a half-point rate hike should be considered in December, and Dallas Fed President Lorie Logan said two more hikes will be needed. Futures traders now price a December hike as nearly certain. That's a bet, not a promise.
The 10-year Treasury yield, which guides mortgage pricing, climbed back to about 5%. The dollar strengthened, which makes gold cost more for buyers overseas. Stocks slipped, with the S&P 500 down about 0.4%, and U.S. crude eased to near $86 a barrel. On the physical side, Singapore's central bank announced plans for a vault service to hold gold for other countries' central banks, another sign that governments still want metal they can hold.
FROM OUR DESK
At our desk today, the traffic ran mostly one way: customers were selling to us, mostly silver coins and bars, with some gold alongside. That's what we saw at our counter, not a signal.
WHAT AN OUNCE BUYS
At tonight's price, one ounce of gold covers almost three months of groceries for a family of four on the USDA's moderate-cost food plan, which puts that family's food bill at about $1,389 a month (September 2026 report, two adults with children ages 6–8 and 9–11).
WHAT IT MEANS FOR YOU
Borrowing: With the 10-year yield near 5% and a December rate hike priced in, mortgage, car loan and credit card rates are more likely to stay high or rise. Savers, on the other hand, may see better yields on cash.
At the pump: Oil eased today, a small bit of relief, even though energy prices rose 0.7% in October's inflation report.
Your metals: Gold and silver react quickly to rate expectations. A one-day drop tells you how the market read today's report, not where prices are headed next.
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
Wednesday is Veterans Day. The stock market is open and gold trades as usual, but the U.S. bond market is closed. Thursday brings weekly jobless claims and a long list of Fed speakers; Friday brings the October producer price index, the inflation read on what businesses pay.
EPISODE TRANSCRIPT
Read the full transcript
Here's your Tuesday evening update on what moved the markets today, and what it means for you. Gold fell about 2% today, to around $4,055 an ounce. Silver dropped about 3%, to near $51.70. The reason was a hotter than expected inflation report. When prices rise faster, the Federal Reserve is more likely to raise interest rates, and higher rates make savings accounts and bonds pay more. Gold pays no interest, so on days like this some investors step away from it.
Today's big story was the October consumer price index from the Bureau of Labor Statistics. Prices rose 0.4% in October, more than the 0.3% economists expected. Core prices, which leave out food and energy because they bounce around, rose 0.3%, also above forecasts. Food was up 0.5%, and energy rose 0.7%. One note: because of last year's government shutdown, the government couldn't publish the usual year-over-year inflation rate this month.
The Fed reacted fast. Governor Christopher Waller said before the report that a reading like this means a half-point rate hike should be considered in December. Dallas Fed President Lorie Logan said two more hikes will be needed. Futures traders now price a December hike as nearly certain. That's a bet, not a promise. What it means for you: borrowing could get more expensive.
The 10-year Treasury yield, the rate that guides mortgage pricing, climbed back to about 5%. When it rises, mortgage and car loan rates tend to follow. The U.S. dollar strengthened too, which makes gold cost more for buyers overseas. Stocks slipped, with the S&P 500 down about 0.4%. Oil eased, with U.S. crude near $86 a barrel, a small bit of relief at the pump.
On the physical side, Singapore's central bank announced plans for a vault service to hold gold for other countries' central banks, one more sign that governments still want metal they can hold. At our desk today, the traffic ran mostly one way: customers were selling to us, mostly silver coins and bars, with some gold alongside. That's what we saw at our counter, not a signal.
What an ounce buys. At tonight's price, one ounce of gold covers almost 3 months of groceries for a family of 4 on the U.S. Department of Agriculture's moderate-cost food plan, which puts that family's food bill at about $1,389 a month.
What to watch tomorrow. It's Veterans Day. The stock market is open and gold trades as usual, but the bond market is closed, so rates may sit still for a day. Thursday brings weekly jobless claims and a long list of Fed speakers, and Friday brings producer prices, the inflation read on what businesses pay. And to every veteran listening tonight, thank you.
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 you trust about your own situation. Prices are approximate late-session figures and may differ slightly by source. Sources: U.S. Bureau of Labor Statistics, Consumer Price Index, October 2026; USDA Food and Nutrition Service, Cost of Food at Home, September 2026; Kitco News; Reuters via MINING.COM; Associated Press; CNBC; CME FedWatch (as reported).