Gold
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Article: Week in Metals: Gold slides nearly 4% as rate-hike bets lift yields
Week in Metals: Gold slides nearly 4% as rate-hike bets lift yields
FRIDAY, NOVEMBER 13, 2026 · ATLANTA, GA
ALEX LEXINGTON
THE PULSE · WEEK IN METALS
The Pulse · Listen now · 6:26
Week in Metals, November 13: Gold slides nearly 4% as rate-hike bets lift yields
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MARKET SNAPSHOT
| Gold (spot) | About $3,884/oz · down nearly 4% on the week · lowest level in more than a year touched Thursday |
| Silver (spot) | About $48.80–$49.10/oz · down about 4% on the week · lowest weekly finish since late November 2025 |
| 10-Year Treasury | About 5.15% · up nearly 0.3 percentage point on the week |
| Dollar Index (DXY) | About 103.4 · up about 1% on the week |
| Oil | Brent about $95.84 · WTI about $88.56 per barrel |
| S&P 500 | About 7,562 · down 0.4% today · up about 2.5% on the week |
| October CPI | +0.4% m/m (0.3% expected) · core +0.3% (0.2% expected) · no official 12-month rate this month |
| October PPI | +0.3% m/m (0.4% expected) · +6.5% from a year ago |
| December Fed hike odds | Near 88% for a quarter-point hike in futures pricing (a bet, not a promise) |
| Gas (AAA national avg.) | $3.87/gal regular · about $3.08 a year ago |
THE METALS
Gold ended the week near $3,885 an ounce, down nearly 4%, after touching its lowest level in more than a year on Thursday. It has now fallen in 10 of the last 12 weeks. Silver fell about 4% to around $49, its lowest weekly finish since late last November. The reason for both was the same: rising interest rates. Gold pays no interest, so when safe government bonds pay more than 5%, holding gold means giving up more income, and a stronger dollar makes gold pricier for buyers overseas.
THE STORY
All week, the numbers told the Federal Reserve that inflation isn't cooling fast enough. October consumer prices rose 0.4%, more than the 0.3% economists expected, and core prices, which leave out food and energy, rose 0.3% against 0.2% expected. Because of the 2025 government shutdown, there is no official 12-month rate for October. On Friday, wholesale prices rose 0.3% for the month, a little softer than expected, but they're up 6.5% from a year ago, the fastest pace since late 2022.
Fed officials sounded firm. Governor Christopher Waller backed at least a quarter-point hike in December, and New York Fed President John Williams said more increases are likely. Futures markets put the odds of a quarter-point hike at the December 9 meeting near 88%. That's a bet, not a promise. Those bets pushed the 10-year Treasury yield to about 5.15% and lifted the dollar about 1% on the week.
Oil added to the pressure, with Brent near $96 and U.S. crude near $88.50 after hopes faded for a Middle East deal. Stocks mostly shrugged it off: the S&P 500 slipped 0.4% Friday but gained about 2.5% on the week.
Underneath the selling, long-term buyers kept buying. The World Gold Council says central banks bought 321 tonnes of gold in the third quarter, 42% more than a year earlier. China added 26 tonnes in October, extending two straight years of purchases, and Poland added about 27 tonnes.
FROM OUR DESK
This week at our desk, more customers were selling than buying. Sellers brought in a steady mix of silver coins and bars and old gold jewelry, along with some gold coins, while the customers who were buying mostly came in for silver coins and bars.
WHAT AN OUNCE BUYS
At tonight's price, one ounce of gold covers about 67 fifteen-gallon tanks of regular gas at AAA's national average of $3.87. A year ago, gold was about $4,200 and gas was about $3.08, so the same ounce filled about 91 tanks. Gold is lower and gas is higher, so an ounce stretches less at the pump than it did last fall.
YOU ASKED
A listener asked: when you sell gold jewelry, how is its value figured? It starts with three things: weight, purity and the day's gold price. Purity is the karat stamp. 24 karat is nearly pure gold, 18 karat is 75% gold, and 14 karat is about 58%. A buyer works out the pure gold content, prices it at spot, then offers a share of that to cover refining and costs. Stones, designer names and craftsmanship can add value. Get a written quote, and talk with a precious metals broker you trust, whether that's us or someone else.
WHAT IT MEANS FOR YOU
Borrowing: Mortgage rates tend to follow the 10-year Treasury yield, so with it above 5%, home loans and refinancing are getting more expensive. Savers, on the other hand, are earning more on cash.
At the pump: The national average fell nearly 20 cents this week to $3.87, but it's still well above last year's $3.08, and higher oil keeps inflation worries alive.
Your metals: Gold and silver tend to struggle when rates and the dollar rise, while central banks have kept buying through the slide. Prices can move sharply in both directions; this is context, not a forecast.
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.
NEXT WEEK
Tuesday: October retail sales, a read on how shoppers are holding up as prices rise. Wednesday: minutes of the Fed's October meeting, which could show how many officials want to move faster, plus housing starts. Thursday: the Philadelphia Fed factory survey. Friday: the University of Michigan's final consumer survey, including inflation expectations.
EPISODE TRANSCRIPT
Read the full transcript
This is Week in Metals, your recap of the week in gold, silver and the forces moving them. Gold ended the week near $3,885 an ounce, down nearly 4%, after touching its lowest level in more than a year on Thursday. Gold has now fallen in 10 of the last 12 weeks. Silver fell about 4% to around $49, its lowest weekly finish since late last November. The reason for both was the same: rising interest rates.
All week, the numbers told the Federal Reserve that inflation isn't cooling fast enough. On Tuesday, consumer prices for October rose 0.4%, more than the 0.3% economists expected. Core prices, which leave out food and energy, rose 0.3% against 0.2% expected. Because of last year's government shutdown, there is no official yearly rate for October. This morning, wholesale prices rose 0.3% for the month, a little softer than expected, but they're up 6.5% from a year ago, the fastest pace since late 2022.
Fed officials sounded firm. Governor Christopher Waller backed at least a quarter-point hike in December, and New York Fed President John Williams said more increases are likely. Futures markets put the odds of a quarter-point hike at the December 9 meeting near 88%. That's a bet, not a promise.
Those hike bets pushed the 10-year Treasury yield to about 5.15%, up nearly 0.3 of a point on the week. The dollar index rose about 1%, to around 103. Gold pays no interest, so when safe government bonds pay more than 5%, holding gold means giving up more income. A stronger dollar also makes gold pricier for buyers overseas. What it means for you: mortgage rates tend to follow the 10-year yield, so home loans and refinancing are getting more expensive, while savers are earning more on cash.
Oil added to the pressure. Brent crude ended near $96 a barrel and U.S. crude near $88.50, after hopes faded for a Middle East deal. At the pump, the national average is $3.87 a gallon, down nearly 20 cents in a week, but well above $3.08 a year ago. Higher oil feeds the inflation worries that keep the Fed leaning toward hikes.
Stocks mostly shrugged it off. The S&P 500 slipped 0.4% today, to about 7,562, but still gained about 2.5% on the week.
Underneath the selling, the long-term buyers kept buying. The World Gold Council says central banks bought 321 tonnes of gold in the third quarter, 42% more than a year earlier. China added 26 tonnes in October, two straight years of purchases, and Poland added about 27 tonnes. Those buyers don't trade on next month's Fed meeting, and they stayed steady through the slide.
From our desk: this week, more customers were selling than buying. Sellers brought in a steady mix of silver coins and bars and old gold jewelry, along with some gold coins, while the customers who were buying mostly came in for silver coins and bars.
Here's what an ounce buys. At tonight's price, one ounce of gold covers about 67 fifteen-gallon tanks of regular gas at the national average. A year ago, gold was about $4,200 and gas was about $3.08, so the same ounce filled about 91 tanks. Gold is lower and gas is higher, so an ounce stretches less at the pump than it did last fall.
A listener asked: when you sell gold jewelry, how is its value figured? It starts with three things: weight, purity and the day's gold price. Purity is the karat stamp. 24 karat is nearly pure gold, 18 karat is 75% gold, and 14 karat is about 58%. A buyer works out the pure gold content, prices it at spot, then offers a share of that to cover refining and costs. Stones, designer names and craftsmanship can add value. Get a written quote, and talk with a precious metals broker you trust, whether that's us or someone else.
Next week's calendar: Tuesday brings October retail sales, a read on how shoppers are holding up as prices rise. Wednesday, the Fed releases the minutes of its October meeting, which could show how many officials want to move faster, along with housing starts. Thursday has the Philadelphia Fed's factory survey, and Friday the University of Michigan's final consumer survey, including what people expect from inflation.
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; decisions about buying, selling or holding precious metals depend on your own circumstances. Market pricing of future Fed decisions reflects bets, not promises. Prices are approximate as of the Friday, November 13, 2026 close.
Sources: U.S. Bureau of Labor Statistics (October 2026 PPI and CPI releases); World Gold Council via Kitco News (central bank purchases); AAA via Yahoo Finance and WRNJ (gas prices); Investrade Market Review, Reuters via Business Recorder, BullionVault, Trading Economics and Golden State Mint (market closes and weekly changes); PriceGold.net (gold price, November 13, 2025); Newsquawk (next week's calendar).