Gold Falls More Than 2 Percent After Hotter-Than-Expected US CPI — Precious Metals Daily Update, November 10, 2026

Precious metals fell sharply on Tuesday, November 10, 2026, after US consumer inflation came in hotter than expected and a Federal Reserve governor’s warning about a possible half-point December rate hike was put to the test. Gold held around US$4,043.26 / C$5,727.99 per ounce, down 2.35 percent in US dollars and down 1.99 percent in Canadian dollars. Silver held around US$51.62 / C$73.13 per ounce, down 3.39 percent in US dollars and down 3.00 percent in Canadian dollars, while platinum held around US$1,546.28 / C$2,190.58 per ounce, down 2.13 percent in US dollars and down 1.70 percent in Canadian dollars. In trading so far gold has ranged between US$4,039.87 and US$4,146.62 per ounce, silver has ranged between US$51.59 and US$53.72 per ounce, and platinum has ranged between US$1,545.84 and US$1,588.54 per ounce, with all three metals trading near their lows after the inflation release. The October consumer price index rose 0.4 percent month over month, above the 0.3 percent consensus and below September’s 0.6 percent rise, while core CPI, which excludes food and energy, rose 0.3 percent, above the 0.2 percent consensus and matching September for a third straight 0.3 percent reading. The Bureau of Labor Statistics published no 12-month change for most indexes because October 2025 data were not collected during last year’s shutdown. Before the release, Fed Governor Christopher Waller had said a half-point hike in December should be considered if core CPI came in around 0.3 percent or higher, and gold fell about US$36 on those comments before dropping toward US$4,039.72 in the minutes after the report. Kitco reported spot gold last trading near US$4,054.90 per ounce, down 2 percent on the day, and another spot snapshot put gold near US$4,056.75 per ounce at 8:45 AM ET, down US$83.94, with silver down 2.65 percent near US$52.02, which corroborates the direction and level on Gold Stock Corp’s live feed. For investors: Tuesday’s drop reverses Monday’s gain and changes the question for December. Before the report, markets were pricing roughly an 84 percent chance of a 25 basis point hike at the December 8 to 9 meeting. A core reading at exactly the level Waller named keeps a larger 50 basis point move in the discussion, lifts the dollar and yields, and puts added pressure on non-yielding metals. Support for gold now sits near Tuesday’s low around US$4,040 per ounce and then near the US$4,000 level, while resistance sits near US$4,140 to US$4,147 per ounce, around Monday’s close and high. Friday’s producer price report is the next test of whether pipeline pressure confirms the hot consumer reading. Staggered buying on pullbacks toward support, rather than chasing a rebound before that report, remains the more disciplined approach for Gold Stock Corp customers. For jewelers: Canadian replacement costs fell across all three metals on Tuesday, with gold near C$5,727.99 per ounce, silver near C$73.13 per ounce and platinum near C$2,190.58 per ounce, and silver showing the largest Canadian dollar fall at 3.00 percent. Quotes printed on Monday are already stale, this time on the high side. The lower levels give jewelers a chance to lock metal for confirmed holiday orders at better cost, but with Friday’s US PPI still ahead and thinner liquidity expected around Wednesday’s US Veterans Day bond market closure, keeping trade and scrap buying aligned to live spot helps protect margins if the sell-off extends or reverses quickly. Coming up — events that will move metals this week: Tuesday, November 10, 1:30 PM ET — Fed Vice Chair for Supervision Michelle Bowman and Kansas City Fed President Jeff Schmid speak, after Fed Governor Christopher Waller spoke earlier in the day: Waller had tied consideration of a half-point December hike to a core CPI reading around 0.3 percent or higher, and October core CPI printed exactly 0.3 percent, so any official endorsement or pushback on a larger hike will move the dollar, yields and all three metals. Wednesday, November 11 — Veterans Day in the United States, when the cash bond market is closed while stock and futures markets remain open: thinner liquidity in rates can exaggerate moves in gold, silver and platinum as traders continue to reprice December hike odds after the hot CPI print. Thursday, November 12, 8:30 AM ET — US weekly jobless claims (prior reading 189,000, consensus near 195,000) and October existing home sales at 10:00 AM ET, with Cleveland Fed President Beth Hammack, Fed Governor Michael Barr, Chicago Fed President Austan Goolsbee, San Francisco Fed President Mary Daly and New York Fed President John Williams among the officials speaking during the day: claims are the first labour check after last week’s strong payrolls report and Tuesday’s hot CPI, so another low reading would keep the firm labour and inflation story intact, while a jump would soften it. Friday, November 13, 8:30 AM ET — US October producer price index (PPI) (consensus near 0.4 percent month over month against a prior September reading of 1.3 percent, with core consensus near 0.3 percent against 0.7 percent prior), with Fed Vice Chair Philip Jefferson among the officials speaking later in the day: PPI shows whether pipeline price pressure is building behind CPI, so a hot print after a hot CPI would confirm the inflation story weighing on metals, while a soft print would ease it. Live prices: https://www.goldstocklive.com