Gold Price Today: Gold Edges Up to $3,888 as Producer Prices Rise Less Than Expected

This pre-market note uses spot prices as of 8:45 AM ET on Nov 13, 2026. For Thursday’s session, when gold fell 2.76% to $3,877.59 and broke its Oct 30 low, read the market close note.

Why is gold up today?

Gold is up $10.88, and almost all of it came from the producer price report. The night’s two big moves cancelled out.

1. Thursday evening (6:00 to 8:00 PM ET). Gold held near Thursday’s close, between $3,875.23 and $3,893.17.
2. Shanghai’s open (8:00 to 8:15 PM ET). Gold rose $21.94 to $3,910.42 in one bar, on two and a half times normal volume. The dollar index and Treasury futures didn’t move. We found no headline at that time.
3. The Asian session (8:15 PM to 12:30 AM ET). Gold held above $3,900 and peaked at $3,923.09 at 10:30 PM ET.
4. Asia’s afternoon (12:30 to 1:45 AM ET). Gold fell $27.54 to $3,890.75. Hong Kong stocks fell and the Chinese yuan weakened at the same time. The dollar index was flat.
5. London and the run-up to the data (1:45 to 8:30 AM ET). Gold drifted to $3,880.05. The 2-year Treasury yield edged up to 4.87%.
6. Producer prices (8:30 to 8:45 AM ET). Gold jumped $25.88 to $3,905.97, then closed the bar at $3,888.47. Volume ran almost six times the norm. The 2-year yield fell from 4.87% to 4.85%.

Our read is that Asian buying at the Shanghai open lifted gold and afternoon selling took it back. We can see the timing and the volume, not who traded. The data bar was a rates move: a softer headline cut the 2-year yield and lifted gold. Gold gave back two-thirds of the jump inside 15 minutes, because producer inflation is still 6.5% over the year.

It wasn’t the dollar. The dollar index is 103.16, down 0.01% from Thursday’s close.

Gold spot (XAU/USD), past two weeks

Today’s economic data and what it means

Producer prices

The Bureau of Labor Statistics said its final demand index rose 0.3% in October. Forecasts were 0.4%. September was revised to 1.4% from 1.3%. Prices excluding food and energy rose 0.3%, as expected. Over 12 months the index is up 6.5%, the biggest rise since November 2022. A smaller monthly rise eases pressure on the Fed a little. The yearly rate still points to more hikes. Gold rose $25.88 at the release and closed the bar $8.38 above where it started.

Later today

No other major U.S. release. Five Fed officials speak.

What it adds up to: the report trimmed hike bets at the margin. Futures still price a December hike as certain. The next big event is Fed Chair Kevin Warsh’s remarks on Monday at noon ET.

How much was the dollar?

The U.S. Dollar Index is 103.16, down 0.01% from Thursday’s close. It ranged from 103.06 to 103.30 overnight. Over the past two weeks gold is down 0.8% and the dollar is up 1.2%.

The 10-year Treasury yield is 5.12% and the 30-year 5.46%, both within 0.01 point of Thursday’s close. The 2-year is 4.85%, down 0.04 point. Treasury’s latest figures, for Thursday, put the 10-year real yield at 2.86%, up 0.08 point on the day and the highest in 20 trading days. The average 30-year fixed mortgage rate was 7.11% in Freddie Mac’s weekly survey (Nov 12), down 0.07 point from a week earlier. The 15-year was 6.45%.

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: Williams sees more hikes, odds ease

New York Fed President John Williams spoke Thursday evening. “We still have work to do,” he said, to get policy to the right place, Reuters reported. He said more rate increases are likely but gave no timing or size. He called inflation “persistent.” He didn’t join Governor Waller and Dallas Fed President Lorie Logan in backing a half-point move. The Board posted no new releases overnight.

Fed funds futures price a December 9 hike as certain, as of 8:37 AM ET. Odds of a half point are about 14%, from 12% at Thursday’s close. Odds of at least two hikes by January 27 are about 73%, from 77%. Odds of at least three by March 17 are about 52%, from 59%.

Today, Boston’s Susan Collins speaks at 9:10 AM ET and Logan at 9:40 AM ET. Vice Chair for Supervision Michelle Bowman speaks at 10:50 AM ET, San Francisco’s Mary Daly at noon and Vice Chair Philip Jefferson at 7:00 PM ET.

Silver price today: down 0.21%, at $49.96

Spot silver is $49.96, down 10 cents from Thursday’s close of $50.07. It rose to $50.80 at 8:45 PM ET Thursday and fell to $49.59 at 12:45 AM ET. It spiked to $50.30 on the producer price report, then closed the bar back under $50.

Silver rose less than gold at the Shanghai open and fell more in Asia’s afternoon. The ratio rose from 77.45 to 77.83. It ranged from 77.16 at 8:30 PM ET to 78.12 at 3:15 AM ET. The Silver Institute posted a release overnight titled “Silver Market Set for Sixth Consecutive Annual Deficit in 2026.” Its text wasn’t up at 8:35 AM ET, so we’ll cover the figures once it is.

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 14 to Nov 12 (64 trading days):

Over 90 days silver’s daily move has averaged 1.47 times gold’s, and 1.60 times over the past month. This morning the two went opposite ways: gold is up 0.28% and silver down 0.21%. On Thursday silver futures fell 3.66% against gold’s 2.96%, about 1.2 times, less than the pattern. The intraday view shows silver lagged at the Shanghai open and fell further in Asia’s afternoon.

Gold/silver ratio: where 77.8 sits in the longer history

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

Recent highs

The ratio settled at 78.87 on Tuesday and at 79.46 on Nov 3, the highest close in 90 days. Thursday’s settlement was 77.75.

A year ago

A year ago (Nov 12, 2025) the ratio was 79.0, with gold at $4,213.60 and silver at $53.33. To Thursday’s settlement, gold futures were down 7.8% over the year and silver 6.3%.

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 26.9% and silver 56.6%, to Thursday’s settlement.

Rate days

Since gold’s record, the 2-year yield rose 0.05 point or more on 30 days. Gold fell on 23 of them, silver fell more than gold on 20, and the ratio rose on 20. Thursday fit that pattern. On the 23 days the 2-year fell that much, gold fell on 8. This morning the 2-year is down 0.04 point.

Other jumps to this level

Since 2000 the ratio has jumped to about 77.5 after weeks well below it four times before this autumn: February 2003, October 2008, September 2020 and September 2021. Three months later it was lower in three of the four. Four cases is a small sample, and it is history, not a forecast.

In the past 90 days, the ratio’s biggest one-day rises came with gold down. This morning it rose 0.38 with gold up 0.28%. 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 $47.86, about 0.6 times 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 11.2% below zero, so it would take a 12.6% rise to turn it positive. Silver’s is 10.1% below zero.

Economic calendar: what’s next for gold

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

Gold is $10.88 above Thursday’s close and $34.62 below its overnight high. Silver is 10 cents lower.

Your price

Gold moved $25.88 within the 8:30 to 8:45 AM ET bar. The price you lock in is the one on screen when you place the order.

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Silver spot (XAG/USD), past two weeks

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