Gold Slides Below US$4,000 for a Third Day as December Hike Bets Firm — Precious Metals Daily Update, November 12, 2026

Precious metals fell for a third straight day on Thursday, November 12, 2026, as gold stayed below the US$4,000 per ounce level under pressure from a firmer US dollar, a 10-year Treasury yield near 5.00 percent, and growing market conviction that the Federal Reserve will raise rates again in December after Tuesday’s hotter-than-expected October CPI. Gold held around US$3,896.89 / C$5,554.15 per ounce, down 2.29 percent in US dollars and down 2.27 percent in Canadian dollars. Silver held around US$50.48 / C$71.96 per ounce, down 2.30 percent in US dollars and down 2.27 percent in Canadian dollars, while platinum held around US$1,527.09 / C$2,176.59 per ounce, down 0.90 percent in US dollars and down 0.79 percent in Canadian dollars. In trading so far gold has ranged between US$3,883.09 and US$4,000.49 per ounce, silver has ranged between US$50.12 and US$51.95 per ounce, and platinum has ranged between US$1,519.92 and US$1,554.28 per ounce. External snapshots taken earlier in the session put spot gold higher, near US$3,942 to US$3,948 per ounce, with silver near US$50.93 to US$51.26 per ounce and platinum near US$1,523 to US$1,539 per ounce, before prices weakened further toward Gold Stock Corp’s live feed levels. Reports this morning described gold extending its slide below US$4,000 for a third consecutive day after October CPI rose 0.4 percent month over month against a 0.3 percent consensus, with core CPI up 0.3 percent against a 0.2 percent consensus. The US dollar index was reported near 102.85 to 102.90, its highest level since April 2025, and futures pricing put roughly an 87 to 91 percent chance on a 25 basis point December hike, with about a 9 to 13 percent chance on a larger 50 basis point move. Central bank buying and record ETF holdings were still cited as a strategic bid underneath the market, even as momentum selling drove the short-term move. For investors: Thursday’s move confirms that the US$4,000 level has flipped from support to resistance until gold can close back above it. With the December meeting on December 8 to 9 now priced mainly as a choice between a 25 basis point and a 50 basis point hike, each labour and inflation release moves the size of the hike rather than whether one happens. Near-term support sits near the session low around US$3,883 per ounce and then near US$3,879, while resistance sits first near US$4,000 and then near US$4,044 to US$4,067 per ounce. Thursday’s jobless claims, the long line of Fed speakers, the 30-year Treasury auction, and especially Friday’s producer price report will decide whether this slide stabilises or extends. Staggered buying on pullbacks toward support, rather than chasing intraday bounces below US$4,000, remains the more disciplined approach for Gold Stock Corp customers. For jewelers: Canadian replacement costs fell across all three metals on Thursday, with gold near C$5,554.15 per ounce, silver near C$71.96 per ounce and platinum near C$2,176.59 per ounce. Gold’s 2.27 percent Canadian dollar fall is the move that matters most for workshop costing today, because quotes printed earlier this week are now high relative to live spot. Platinum held up better than gold and silver, falling only 0.79 percent in Canadian dollars, so platinum work has seen the smallest relief. The lower levels give jewelers locking metal for confirmed holiday orders a cheaper entry than Monday’s close, but with Friday’s US PPI still ahead, keeping trade and scrap buying aligned to live spot helps protect margins if prices rebound or slide further. Coming up — events that will move metals this week: Thursday, November 12, 8:30 AM ET — US weekly jobless claims (prior reading 189,000, consensus near 195,000, with continuing claims prior at 1,718,000 and consensus near 1,720,000) and October existing home sales at 10:00 AM ET (consensus near 3.87 million annualized, prior near 3.99 million), with Cleveland Fed President Beth Hammack, Fed Governor Michael Barr, Chicago Fed President Austan Goolsbee, San Francisco Fed President Mary Daly, Kansas City Fed President Jeffrey Schmid and New York Fed President John Williams among the officials speaking during the day, and a 30-year Treasury auction at 1:00 PM ET: 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, and the auction and speakers can move yields and the dollar through the session. 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, and the year over year consensus near 6.6 percent against 6.3 percent prior), with Boston Fed President Susan Collins, Fed Vice Chair for Supervision Michelle Bowman and 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