Gold Slips Back to $4,000 as Strong Dollar Erases Rebound; Silver Gains 1% and Palladium Jumps

Gold gave up an early rebound and slipped back to about $4,000 an ounce by midday on Wednesday, Nov. 11, 2026, as a stronger dollar and expectations of a Federal Reserve rate increase in December weighed on the metal. Silver held a gain of about 1%, and palladium jumped to its highest level in nearly three weeks.

Early gains fade

Spot gold was bid at $3,999.70 an ounce at noon ET, down $32.10, or 0.8%, according to Kitco. Its range for the day ran from $3,997.70 to $4,067.90, so the noon price was near the session low.

Earlier, spot gold had risen 0.6% to $4,055.00 by 11:22 GMT after falling about 3% to $4,013.29 on Tuesday, Reuters reported. By 14:47 GMT (9:47 a.m. ET), spot gold was down 0.41% at $4,014.26 after touching $4,066.77, and December gold futures were down 0.2% at $4,021.70, according to a later Reuters update carried by the Economic Times.

"Gold is seeing some slight relief after its post-CPI declines," Han Tan, chief market analyst at Bybit, told Reuters early Wednesday. "However, it's a tough ask for gold bulls to keep pushing prices higher given the prospects of more Fed rate hikes in the pipeline."

Dollar and rate bets weigh

The dollar index rose 0.63% to 102.85, its highest since April 2025, as traders put the odds of a quarter-point Fed increase in December at 87%, Reuters reported. A stronger dollar makes gold more expensive for holders of other currencies, and higher rates reduce the appeal of bullion, which pays no interest.

The October consumer price index rose 0.4%, above the 0.3% forecast, and core prices rose 0.3%, Kitco News reported. The benchmark 10-year Treasury yield briefly exceeded 5% on Tuesday. Treasury markets are closed Wednesday for Veterans Day, while equity trading continues.

Silver, palladium and platinum

Spot silver was bid at $51.93 at noon ET, up 51 cents, or 1%, according to Kitco, after reaching $53.31 earlier in the session. Reuters reported that silver had climbed 3% to $53.03 in European trading.

Spot palladium gained 5.6% to $1,082.57 earlier in the day, its highest since Oct. 22, Reuters reported. By noon ET, Kitco showed palladium bid at $1,035, up $26, or 2.6%. "Palladium's sharp rebound appears primarily driven by short covering and position adjustments following an increasingly oversold market," said Ole Hansen, head of commodity strategy at Saxo Bank. "For now, I believe positioning rather than any fundamental shift in supply and demand is doing most of the heavy lifting."

Platinum was little changed, bid at $1,537, up $3, or 0.2%, according to Kitco.

Standard Chartered points to $4,000 floor

In a report published Tuesday, Standard Chartered's global head of commodities research, Suki Cooper, kept her forecast for gold to average $4,650 an ounce in the fourth quarter and $4,850 in the first quarter of 2027, Kitco News reported. She said gold's ability to hold above $4,000 after strong employment data suggests the market is becoming more resilient. The bank sees $4,200 as the next major resistance level.

Cooper said global gold-backed exchange-traded products drew 211 tonnes of inflows in the third quarter, their strongest quarter since 2024, and added another 19 tonnes in October. Central bank purchases totaled 321 tonnes in the third quarter, well above the bank's estimate of 200 tonnes.

Standard Chartered expects the Fed to raise rates by 25 basis points in December and then hold through 2027. The bank also noted that gold's correlation with equities has weakened.

Levels and data ahead

Kitco's technical analysis listed first support for spot gold at $4,021.85 and then $3,991.58, with resistance at $4,051.45 and $4,088.51. Weekly U.S. jobless claims are due Thursday, and the October producer price index is due Friday at 8:30 a.m. ET. The Fed's next policy meeting is Dec. 8-9.