Gold Price Today: Gold Holds Near $4,039 as Silver Jumps 2.4%

This pre-market note uses spot prices as of 8:30 AM ET on Nov 11, 2026. For Tuesday’s session, when gold closed down $108.17 at $4,032.52, read the market close note.

Why is gold up today?

Gold rose in Asian hours and gave most of it back from London on. Silver rose in the same stretches and held more of its gain.

1. The reopen (6:00 to 7:45 PM ET Tuesday). Gold held between $4,031 and $4,042.
2. Asia’s morning (8:00 to 8:45 PM ET). Gold dipped to $4,026.60, then rose $23.77 to $4,051.24 in 30 minutes. Trading ran at about twice the 20-day norm. Silver rose from $51.56 to $52.46. The dollar index, oil and the yuan were flat. We found no data or headline at that time.
3. Midnight (11:45 PM to 12:30 AM ET). Gold rose another $17.77 to $4,060.78, and silver to $52.98. Again we found no trigger.
4. The high (2:15 to 2:30 AM ET). Gold reached $4,067.10 and closed that bar at $4,065.37, above Tuesday’s post-CPI high of $4,063.57. The next bar closed back below it.
5. London and New York (2:30 to 8:30 AM ET). Gold fell $26.59 to $4,038.78. The dollar index rose from 102.33 to 102.69 over the same hours.

Our read is a rebound after Tuesday’s 2.6% drop in gold and 3.6% drop in silver. Silver fell more, and it has recovered more. We can see the timing and the volume, not who bought. The Asian jump started as Shanghai’s futures market opened, at 8:00 PM ET. Silver in Shanghai rose faster than in New York: its premium over New York widened from $5.69 to $6.06 an ounce by 8:30 PM ET, and to $6.20 by this morning.

It wasn’t rates. The cash bond market is closed for Veterans Day, and Fed odds rose a little overnight. Measured against the dollar index, gold is up about 0.6%.

Gold spot (XAU/USD), past two weeks

Today’s economic data and what it means

There are no U.S. releases today. Federal offices are closed for Veterans Day, and the data resume Thursday.

Oil stocks: the American Petroleum Institute reported a 9.0 million barrel rise in U.S. crude stocks late Tuesday. The government’s weekly figures move to Thursday at noon ET because of the holiday.

What it adds up to: no new data today, so Tuesday’s CPI still sets the Fed picture. Core prices rose 0.3% in October for a second month. Thursday’s claims and Friday’s producer prices are next.

How much was the dollar?

The U.S. Dollar Index is 102.69, up 0.44% from Tuesday’s close. Reuters called it a four-week high. The dollar rose to 159.4 yen, from 158.8 on Tuesday evening. Priced against the index’s basket, gold is up about 0.6%. Over the past two weeks gold is down 0.1% and the dollar is up 0.3%.

Treasury yields haven’t traded today. The last readings, from Tuesday afternoon, were 5.00% on the 10-year, 5.36% on the 30-year and 4.75% on the 2-year. Treasury’s Tuesday figures had the 2-year at 4.73%, up 0.17 point on the day. The 10-year real yield rose 0.12 point to 2.78%, the Treasury said. The average 30-year fixed mortgage rate was 7.18% in Freddie Mac’s weekly survey (Nov 5), down 0.06 point from a week earlier. The 15-year was 6.57%.

Gold vs. the U.S. dollar, % change over two weeks

Prices keep moving through the morning. Our live metal prices page has bid and ask for gold, silver, platinum and palladium, updated as the market moves.

The Fed: Paulson backs a gradual pace

Philadelphia Fed President Anna Paulson, who votes on rates this year, spoke Tuesday evening after the CPI report.

Rates

“There is likely more work to do,” she said. She added: “I prefer to tighten gradually when conditions allow.”

Faster

She would move faster “if inflation expectations drift up, if wage pressures build, or if underlying inflation moves higher.” She said she isn’t seeing that now.

Inflation

She said the October CPI report “suggests inflation pressures are still very much with us.” She put PCE inflation at 3.6% over the 12 months to September.

Chicago Fed President Austan Goolsbee told PBS the October report was “borderline disturbing,” CNBC reported. He wouldn’t commit to a December move.

Fed funds futures price a December 9 hike as certain, as of 8:22 AM ET. Odds of a half point are about 8%, from 3% at Tuesday’s close. Odds of at least two hikes by the January 27 meeting are about 69%, from 63%. Odds of at least three by March 17 are about 49%, from 43%. No Fed officials speak today. Six speak on Thursday.

Iran, oil and stocks

The Iran headlines didn’t move gold this morning.

Iran

Iran’s security chief, Mohsen Rezaei, called reports of ongoing talks with the U.S. “a pure lie” and said the Strait of Hormuz stays shut until Iran’s conditions are met, Al Jazeera reported at 3:21 AM ET. Iran’s Revolutionary Guards claimed three tankers caught fire after hitting mines. The UK’s maritime agency reported incidents involving two tankers. Gold’s 15-minute closes moved less than $5 in the half hour after the report.

Oil

Brent crude is $92.96, up $0.88 from Tuesday’s close. It jumped $1.09 between 4:15 and 4:30 AM ET. Reuters tied oil’s rise to Iran saying enriched material won’t leave the country. Gold fell $4.09 in that bar.

Stocks

Nasdaq 100 futures were up 2.0% and S&P 500 futures up 1.0% at 8:23 AM ET. Reuters credited CoreWeave’s results. Gold didn’t follow the stock rally. Japan’s Nikkei rose 1.31% and Hong Kong’s Hang Seng fell 0.98%.

Silver price today: up 2.39%, at $52.76

Spot silver is $52.76, up $1.23 from Tuesday’s close of $51.53. It reached $53.19 at 2:15 AM ET, in the same bar as gold’s high. It has held above Tuesday’s post-CPI high of $52.14 since 8:30 PM ET.

Most of silver’s gain came in the two Asian-hours stretches. From 8:00 to 8:45 PM ET it rose 1.7% while gold rose 0.6%. In the fade from 2:30 AM ET, silver fell 0.7% and gold about the same. The ratio fell from 78.26 to a low of 76.38 at 5:15 AM ET. We found no silver-specific news, but Shanghai prices led: the premium of Shanghai silver over New York widened by about 50 cents overnight. The Silver Institute hasn’t published anything new this week.

Gold/silver ratio, past two weeks

Gold/silver ratio: how it has moved with gold over 90 days

Silver has moved with gold and further. From daily COMEX futures closes, Aug 12 to Nov 10 (64 trading days):

Over 90 days silver’s daily move has averaged 1.49 times gold’s, and 1.70 times over the past month. On Tuesday spot silver fell 3.6% with gold down 2.6%, close to that pattern. This morning breaks it: silver is up 2.4% with gold up 0.2%. The intraday view shows the gap opened in Asian hours, as Shanghai’s market opened, and has held through the dollar’s rise.

Gold/silver ratio: where 76.5 sits in the longer history

From daily COMEX futures closes since 2000, and the 2-year Treasury yield from the Federal Reserve:

Before this autumn’s rise

The ratio was last this high on Nov 26, 2025, at 78.71, with gold at $4,165 and silver at $52.92. A month later it was 62.2, as gold rose 4.3% and silver 32.0%. One case is one case.

A year ago

A year ago (Nov 10, 2025) the ratio was 82.2, with gold at $4,122 and silver at $50.18. To Tuesday’s settlement, gold futures were down 2.2% over the year and silver up 1.8%.

Before gold’s record

The ratio was 87.7 six months before gold’s record close of $5,318.40 on Jan 29, 2026. It was 84.5 three months before, 62.2 a month before, 51.2 a week before and 46.6 on the day. Silver’s record close, $115.08, came on Jan 26 with the ratio at 44.2.

Since the record

Gold futures are down 24.2% and silver 55.6%, to Tuesday’s settlement.

Rate days

Since gold’s record, the 2-year yield rose 0.05 point or more on 29 days. Gold fell on 22 of them, silver fell more than gold on 19, and the ratio rose on 19. Tuesday fit that pattern. The 2-year hasn’t traded today.

Other jumps to this level

Since 2000 the ratio has jumped to about 76.5 after weeks well below it in January 2003, October 2008 and August 2021. Three months later it was lower in all three. Three cases is a small sample, and it is history, not a forecast.

In the past 90 days, the ratio’s biggest one-day falls came with gold up and its biggest rises with gold down. This morning it fell 1.7 with gold up 0.2%. That is a description of recent trading, not a forecast.

Gold and silver price levels we’re watching

Gold’s range since the reopen is $40.50, a little over half a typical full day over the past two months.

Trend check

On our monthly trend model, both metals read bear as of the Oct 30 month-end. Their 12-month and one-month returns, after cash returns, were both down. Since 2002, gold rose in the month after a bear month 49% of the time; that is history, not a forecast. Gold’s live 12-month return is 5.4% below zero, so it would take a 5.7% rise to turn it positive. Silver’s live reading is a correction: its 12-month return is 1.2% above zero.

Economic calendar: what’s next for gold

What today’s move means if you buy physical gold or silver

Gold is $6 above Tuesday’s close and silver $1.23 above it. Gold has traded in a $40.50 range since the reopen.

Your price

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Silver spot (XAG/USD), past two weeks

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