Gold Posts Biggest Weekly Drop Since June and Silver Hits One-Year Low as Fed Hike Bets Lift Yields

Gold futures posted their steepest weekly loss since early June and silver fell to a one-year low as rising Treasury yields and growing expectations of another Federal Reserve rate increase weighed on precious metals in the week ended Nov. 13, 2026.

Front-month Comex gold for November delivery lost $184.80, or 4.55%, over the week to settle at $3,879.70 a troy ounce, the largest weekly decline in both dollar and percentage terms since the week ended June 5, according to Dow Jones Market Data. The contract edged up $1.30, or 0.03%, on Friday, snapping a three-session losing streak, but its settlement was the second lowest of 2026.

Gold near its lows for the year

Comex gold is now 27.05% below its record settlement of $5,318.40 reached on Jan. 29 and only 0.03% above its 52-week low of $3,878.40 set on Thursday, Nov. 12, Dow Jones data show. The contract is down 0.15% month to date, down 10.31% for the year and 5.09% lower than 52 weeks ago.

In the spot market, gold traded near $3,883.40 an ounce in late U.S. trading on Friday, up $7.00, or 0.18%, according to Kitco News, which said the metal stabilized after Thursday's steep losses on bargain hunting. GoldPrice.com recorded a Friday close of $3,884.69, down 4.57% for the week and 11.06% for the year.

Silver hits a 52-week low

Silver fell harder. Front-month Comex silver dropped 94.1 cents, or 1.88%, on Friday and lost $2.772, or 5.35%, for the week to settle at $49.031 an ounce, according to Dow Jones Market Data. That was a new 52-week low and the lowest settlement since Nov. 7, 2025. Silver futures are 57.39% below their record high of $115.08 set on Jan. 26 and down 30.09% for the year.

Spot silver traded near $48.63 in late U.S. trading, down $1.32, or 2.63%, on the day, Kitco reported, as concerns about industrial demand and restrictive financial conditions kept the metal under pressure. GoldPrice.com's closing data showed platinum down 2.10% on Friday at $1,488.80 and 3.05% for the week, while palladium rose 0.30% to $997.01 but lost 2.55% for the week. The gold-silver ratio closed at 79.6, meaning one ounce of gold bought 79.6 ounces of silver.

Yields, inflation and the Fed

The benchmark 10-year Treasury yield rose toward 5.15% on Friday, increasing the opportunity cost of holding bullion, which pays no interest, Kitco said. The Labor Department reported that the producer price index rose 0.3% in October, below expectations for a 0.4% gain, while annual producer inflation accelerated to 6.5%, the highest since November 2022. Goods prices rose 0.5% and services prices 0.2%.

The PPI data followed Tuesday's stronger-than-expected consumer inflation report and an October employment report that showed 165,000 jobs added and unemployment falling to 4.1%, Kitco noted. Futures pricing cited by Kitco showed an 89% probability of a quarter-point Fed rate increase at the Dec. 8-9 meeting and an 11% probability of a half-point move.

Geopolitical tension remained a background factor. Kitco said the U.S. naval blockade of Iran continued and that attacks attributed to Iranian-aligned Houthi forces on Saudi energy infrastructure kept regional supply risks in focus, though the inflationary effect of higher energy prices has also reinforced expectations for tighter Fed policy.

What comes next

The main U.S. economic releases next week are October retail sales on Tuesday and the minutes of the Fed's October policy meeting on Wednesday, according to Kitco. Kitco's technical levels put first support for spot gold at $3,852 and first resistance at $3,903.