Updated 11 November 2026, 06:45 GMT. Spot gold was near $4,040 an ounce on Wednesday, steadying after a fall of about 2.6 percent on Tuesday, when US October inflation came in above forecasts (Investing.com, FXStreet). December gold futures were at $4,064.10 at 06:36 GMT (Yahoo Finance). Verdict: the market now fully prices a December Fed rate rise, which caps rebounds; $4,000 is the level traders are watching. Reference levels: $4,150 above, $3,950 below.
Key facts
- CPI: October headline prices rose 0.4 percent on the month against 0.3 percent expected; core rose 0.3 percent against 0.2 percent (Bureau of Labor Statistics data, as reported by Investing.com and FXEmpire).
- Tuesday’s drop: spot gold fell about 2.6 percent after the report (Investing.com). Mining.com had it at $4,021.36 at 16:35 GMT.
- Wednesday: Investing.com reported spot gold steadying near $4,035; FXStreet had it climbing to about $4,050 in Asian trade.
- Futures: December gold settled at $4,030.20 on Tuesday after a high of $4,156.20, and traded at $4,064.10 at 06:36 GMT on Wednesday (Yahoo Finance).
- Fed pricing: futures now fully price a 25 basis point rise in December, according to Investing.com.
- Waller: Fed Governor Christopher Waller said he backs a December rise and would support 50 basis points if core inflation held at around 0.3 percent a month or higher, according to GoldSilver and BigGo Finance.
Why gold fell
Gold pays no interest, so a higher policy rate raises the cost of holding it. The October CPI beat on both the headline and core measures, and Waller had flagged before the release that a core reading of 0.3 percent or more would make him consider a larger, 50 basis point increase. The print landed on that number. Mining.com reported that the dollar and Treasury yields rose after the data, adding to the pressure on bullion.
Our Monday gold page had the metal at $4,112 ahead of the report. On Tuesday, December futures ranged from a high of $4,156.20 to a low of $4,020.80, according to Yahoo Finance data.
Why $4,000 matters
FXEmpire and BigGo Finance both flagged $4,000 as the key support after Tuesday’s sell-off. Gold has traded around that level all month: our jobs-report page on 6 November had it at $4,044. FXStreet said Fed hike bets were likely to cap the upside even as the dollar paused on Wednesday.
Lower oil prices are a partial offset. Brent’s fall to its lowest settlement since August eases one source of inflation pressure, though not in time for the October data. Our silver page covers the same CPI set-up for the other precious metal.
Gold price: bull, base and bear
| Scenario | Gold | What has to happen | Anchor |
|---|---|---|---|
| Bear | $3,950 | A close below $4,000 as markets start to price a 50 basis point December move. | About $50 below the $4,000 support named by FXEmpire and BigGo; about 2.2 percent below $4,040. |
| Base | $4,000-$4,100 | Gold holds the support while a 25 basis point rise stays the central case. | Tuesday’s $4,020.80 futures low and the $4,064 Wednesday futures quote. |
| Bull | $4,150 | Softer US data or Fed speakers push back against a December rise. | Tuesday’s futures session high of $4,156.20 (Yahoo Finance); about 2.7 percent above $4,040. |
The bear case sits below the current price. These are reference levels measured from Wednesday’s spot quote near $4,040, not forecasts.
What to watch
- $4,000: the support level named by FXEmpire and BigGo Finance.
- Fed speakers: any comment on 25 versus 50 basis points in December.
- US dollar and Treasury yields: the main channel from the CPI data to gold.
- Further US price data: producer prices and retail sales are the next major releases.
Quick take: Gold fell about 2.6 percent on Tuesday after a hotter-than-expected October CPI made a December Fed rise fully priced, and steadied near $4,040 on Wednesday. Waller’s 50 basis point threshold was met on core inflation. A close below $4,000 points to $3,950; a pushback against a December rise brings back $4,150.
FAQ
What is the gold price today?
Spot gold was near $4,040 an ounce early on Wednesday 11 November, according to Investing.com and FXStreet. December futures were at $4,064.10 at 06:36 GMT.
Why did gold fall on Tuesday?
US October CPI rose 0.4 percent on the month and core CPI 0.3 percent, both above forecasts. That made a December Fed rate rise fully priced and lifted the dollar and yields.
Will the Fed raise rates in December?
Futures fully price a 25 basis point rise, according to Investing.com. Governor Waller has said he would support 50 basis points if core inflation held near 0.3 percent a month.
Is $4,000 support for gold?
FXEmpire and BigGo Finance both identified $4,000 as the key support after Tuesday’s drop.
What was the gold price before the CPI report?
December gold futures traded as high as $4,156.20 during Tuesday’s session, according to Yahoo Finance. Our Monday page had spot at $4,112.
What are the key gold levels?
$4,020.80 and $4,000 below, then $3,950; $4,064 and $4,156 above.
Sources: Investing.com, 10-11 November 2026 (Tuesday drop, Wednesday spot, Fed pricing, CPI figures); FXStreet, 11 November 2026 (Asian-session spot); Mining.com, 10 November 2026 (intraday spot, dollar and yields); Yahoo Finance futures data, 6-11 November 2026 (December futures settlement, high, low and Wednesday quote); FXEmpire and BigGo Finance, 10 November 2026 (support levels, CPI consensus); GoldSilver and BigGo Finance, November 2026 (Waller remarks).
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Commodity prices are volatile. Do your own research and consult a licensed financial adviser before making investment decisions.
