Gold closes at $3,885, its lowest in 13 months, then steadies near $3,900
Gold futures lost about 5.6% from Monday's close to Thursday's, the weakest settlement since early October 2025, as hotter inflation and Fed hike bets lifted the dollar. Friday brought a small bounce.
Gold futures settled at $3,885.30 an ounce on Thursday, Nov. 12, according to Yahoo Finance data. That is the lowest close since Oct. 2, 2025, when the contract settled at $3,868.10, so roughly 13 months. In early trading Friday the contract was near $3,898, up about 0.3% to 0.6% depending on the quote, after Trading Economics reported it back above $3,900 following three straight down sessions.
This extends our Thursday morning report on gold falling under $4,000.
The numbers
| Date | Gold futures close | Silver futures close | Dollar index |
|---|---|---|---|
| Mon, Nov. 9 | $4,114.50 | $52.56 | 101.65 |
| Wed, Nov. 11 | $4,000.50 | $51.88 | 102.91 |
| Thu, Nov. 12 | $3,885.30 | $49.97 | 103.17 |
| Fri, Nov. 13 (early) | about $3,898 | about $50.06 | about 103.18 |
From Monday's close to Thursday's, gold fell $229.20, or 5.6%. Silver fell 4.9% over the same stretch. Against last Friday's close of $4,074.90, gold is still down roughly 4.3% for the week as of Friday morning.
Why it fell
Trading Economics ties the slide to a stronger dollar after Tuesday's October consumer inflation report, which it says pushed the greenback to a 19-month high, and to rising bets on more Fed rate hikes. It cites CME FedWatch pricing of nearly a 90% chance of a 25 basis point hike in December on Thursday, easing to about 85% on Friday, with the rest of the odds on a 50 basis point move. It also notes Fed Governor Christopher Waller said a larger December hike may be needed. Higher oil after President Trump said the U.S. did not need an Iran deal added to inflation worries.
Gold pays no interest, so when short-term rates are expected to rise it competes with Treasury bills and money funds. A stronger dollar also makes it more expensive for buyers holding other currencies.
What it means for people who deal in gold
- Jewelers and coin dealers: inventory bought at $4,100 gold is now marked to a lower market. Buyers of scrap and estate gold pay out against today's price, so margins on recent purchases are tighter. See our guide to the pawn shop, coin dealer and jeweler math.
- Miners: a lower price squeezes margin even at profitable mines. Jaguar Mining reported a cost of $3,164 an ounce this week against gold now near $3,900.
- Anyone holding gold as a hedge: it has not behaved like one in this stretch, because the driver is rates and the dollar rather than fear.
What to watch
Producer prices for October and the next Fed speakers are the near-term catalysts traders cite. Gold's one-year chart above shows how far it has come: our chart tool puts Friday's price about 26.7% below the Jan. 29 peak in the data. A move back above $4,000 would take the dollar easing or rate-hike odds fading. Neither has happened yet. Prices here are futures settlements and early Friday quotes and will differ from spot.
Sources: Yahoo Finance daily data for gold, silver and dollar index futures, retrieved Nov. 13, 2026; Trading Economics. Futures prices can differ from spot. This is market information, not investment advice.
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