Gold Steadies Near $3,890 After 13-Month Low as Softer PPI Offers Little Relief From Fed Hike Bets

Gold steadied near $3,890 an ounce on Friday, Nov. 13, 2026, after falling to its lowest level in more than a year the previous day. A smaller-than-expected rise in U.S. producer prices gave the metal only limited support, as a strong dollar and Treasury yields above 5% kept pressure on prices.

Prices on Friday

Spot gold was trading near $3,891.50 an ounce in early U.S. trading, up $15.10, or 0.39%, while spot silver was near $49.96, up $0.01, Kitco NewsWire reported. Spot gold later traded at $3,897.90, up 0.57% on the day, as it tested resistance at $3,900, Kitco News reported.

The gains faded later in the morning. GoldPrice.com listed spot gold at $3,884.24 at 11:46 a.m. Eastern time, down 0.17% from the last LBMA PM fix. FXStreet reported gold around $3,880, down more than 4% for the week after briefly climbing above $3,900.

Thursday's low

Gold closed at $3,877.59 on Thursday, Nov. 12, down 2.76% from $3,987.70 the previous day, according to GoldPrice.com. The metal fell to $3,852 on Thursday, its lowest since October 2025, FXStreet said. GoldPrice.com put gold 28.3% below its all-time closing high of $5,405.00, set on Jan. 29, 2026.

A week earlier, gold traded at $4,069.10 an ounce, and a year earlier at $4,184.27, USA Today reported.

Producer prices

The producer price index for final demand rose 0.3% in October after a 1.4% increase in September, the Bureau of Labor Statistics said. Economists had expected a 0.4% gain. Prices were up 6.5% from a year earlier, the largest 12-month rise since November 2022. The index excluding foods, energy and trade services rose 0.5% for a second month and was up 4.9% over 12 months.

"It's no victory lap for the Fed, but it's the first evidence in weeks that this week's sticky consumer prices were the tail of the storm rather than the start of a new one," Artem Bakushev, head of risk at Monaxa, told Kitco News.

Jeffrey Roach, chief economist at LPL Financial, told Kitco he expects a quarter-point Fed increase next month. "Given the fragility of the broader economy, a larger 50-basis-point increase could pose unnecessary risks," he said.

Fed expectations and the dollar

Before Friday's report, futures pricing indicated about an 89% probability of a 25-basis-point increase at the Fed's Dec. 8-9 meeting and an 11% probability of a 50-basis-point move, Kitco NewsWire said. New York Fed President John Williams said Thursday that additional policy action would likely be necessary to bring inflation under control.

Several other officials made similar comments this week, FXStreet reported. Chicago Fed President Austan Goolsbee said Friday the Fed still "has work to do." Cleveland Fed President Beth Hammack said Thursday that inflation pressures were "moving in the wrong direction," and Dallas Fed President Lorie Logan said Tuesday the central bank needs "at least two more 25-basis-point rate increases."

The dollar index traded near 103.19, just below a 19-month high of 103.30, and was on track for a third straight weekly gain, FXStreet said. A stronger dollar makes gold more expensive for holders of other currencies. The 10-year Treasury yield was near 5.13% and the two-year near 4.86%, according to Kitco NewsWire.

Geopolitics and oil

Kitco NewsWire said the U.S.-Iran situation around the Strait of Hormuz remained unresolved, with Washington maintaining its naval blockade of Iran. It noted that the confrontation supports defensive demand for gold, while higher energy prices could reinforce expectations for restrictive Fed policy. Brent crude traded near $95.54 a barrel in early trading.

Levels and calendar

Kitco NewsWire identified first resistance for spot gold at $3,903 and first support at $3,852. For silver, it cited resistance at $50.592 and support at $49.670. FXStreet listed the 21-day simple moving average at $4,030 and the 50-day at $4,154.

Investors will next watch Monday's Empire State manufacturing survey, Tuesday's October retail sales report and the minutes of the Fed's October meeting, due Wednesday, Nov. 18.