Grab a coffee, because this week flipped fast. Gold started Monday above $4,100 on cheaper oil, then hot inflation, Fed talk of a bigger hike and a surging dollar pushed it back under $4,000. Nvidia's CEO resigned on Thursday, and this morning's producer price report came in a little cooler than expected. Next week, circle Wednesday's Fed minutes.
DAILY RECAP
๐ฃ Monday (11.09.26): Gold $4,140.40 ยท Silver $53.32
Gold rose 1.70% and silver 2.60% as Brent sank 5.85% to $92.57, its lowest since late August. Stocks had their best day since April, with the Dow up 2.15%.
Short version: Cheaper oil and a stock rally gave metals a lift.
๐ Tuesday (11.10.26): Gold $4,031.80 ยท Silver $51.41
Hot inflation hit metals. Gold fell about 2.6% and silver about 3.6%. Fed Governor Waller said a half-point hike should be considered, and the 10-year yield briefly topped 5%.
Short version: Hot inflation and hawkish Fed talk knocked metals down.
๐ต Wednesday (11.11.26): Gold $3,983.20 ยท Silver $51.56
Gold slipped under $4,000, down 1.2%, as the dollar rose about 0.7% toward its highest level since April 2025. Silver edged up 0.3%. U.S. bond markets were closed for Veterans Day.
Short version: A stronger dollar pushed gold under $4,000.
๐ก Thursday (11.12.26): Gold $3,876.40 ยท Silver $49.93
Gold fell about 2.7% and silver more than 3% as Treasury yields climbed. Nvidia's CEO resigned, but U.S. stocks ended only about 0.4% lower. Oil rose after President Trump said, "We don't need a deal with Iran."
Short version: Rates and the dollar beat out the Nvidia drama.
๐ข Friday (11.13.26, opening figures): Gold $3,891.50 ยท Silver $49.96
Gold bounced about 0.4% to open near $3,891 after Thursday's slide to a 13-month low, and silver was little changed. Measured from last Friday's opening prices, gold is down about 3.9% on the week and silver about 3.7%. Stocks opened higher, with Nvidia up almost 1%.
Short version: Gold caught its breath, but the week still ended in the red.
Hot CPI Knocked Gold Down on Tuesday
The big picture
October consumer prices rose 0.4%, above the 0.3% forecast, and core prices rose 0.3% against 0.2% expected. Gold fell about 2.6% to $4,031.80 and silver about 3.6% to $51.41.
Why it matters
The report keeps the Fed on its hiking path. Shelter, food and energy all rose. There's no yearly figure for October, because last year's government shutdown left a gap in the data.
What to watch
Retail sales on Tuesday and the Fed's meeting minutes on Wednesday.
The bottom line
Short version: Prices ran hotter than expected, and gold paid for it.
Fed Officials Opened the Door to a Bigger Hike
The big picture
Fed Governor Christopher Waller said a half-point hike should be considered in December, and that only 25 basis points would put the Fed's credibility at risk. Dallas Fed President Lorie Logan has said the Fed needs at least two more quarter-point hikes.
Why it matters
Futures now put a quarter-point December hike at roughly 85% to 88%, with a 12% to 15% chance of a half-point move. That second number was close to zero before the CPI report.
What to watch
Wednesday's minutes, plus Fed speakers on Tuesday and Thursday.
The bottom line
Short version: The Fed is talking bigger, and gold doesn't like it.
A Surging Dollar Pushed Gold Under $4,000
The big picture
Gold fell below $4,000 on Wednesday and closed Thursday at $3,876.40, near its late-October low. Silver ended the week under $50, at $49.93.
Why it matters
The dollar climbed toward its highest level since April 2025, and the 10-year yield moved above 5%. Gold pays no interest, so a firmer dollar and higher yields make it less appealing.
What to watch
Whether gold holds Thursday's low near $3,852.
The bottom line
Short version: A strong dollar and high yields took gold below $4,000.
Nvidia's CEO Resigned, and the AI Trade Got Nervous
The big picture
Jensen Huang resigned as Nvidia's CEO on Thursday after reports about his personal relationships, including one with a woman U.S. officials reportedly suspect works for Chinese intelligence. Beijing has dismissed the allegations as unsubstantiated. CFO Colette Kress is interim CEO. Nvidia shares fell about 10% at the open and closed down more than 4%, then rose almost 1% at Friday's open.
Why it matters
Nvidia sits at the center of the AI buildout, so investors are asking how steady the company will be without its founder. Some analysts also expect louder calls in Washington for tighter chip export limits on China.
What to watch
Who gets the permanent CEO job, and what the investigations find. Nvidia says it has no reason to believe national security or company secrets were compromised.
The bottom line
Short version: Nvidia's drama rattled AI stocks, but rates and the dollar moved gold more.
PPI Cooled From September but Still Runs Hot
The big picture
Wholesale prices rose 0.3% in October, a bit less than the 0.4% economists expected. Core prices also rose 0.3%, as forecast. The yearly rate climbed to 6.5%, the highest since November 2022.
Why it matters
That monthly gain is a big step down from September's revised 1.4% jump. Still, the Fed is a long way from its 2% goal, and markets fully price a quarter-point hike in December.
What to watch
Chicago Fed President Austan Goolsbee told CNBC on Friday that inflation is broad-based, even in areas not driven by oil or tariffs. Next up are retail sales on Tuesday and the minutes on Wednesday.
The bottom line
Short version: A softer PPI didn't change the story. The Fed still leans toward a hike.
ECONOMIC CALENDAR
Monday, Nov. 16
- No events scheduled.
Tuesday, Nov. 17
- 8:30 am โ Retail Sales (Oct.)
- 9:30 am โ Fed's Beth Hammack at the Brookings Institution
Wednesday, Nov. 18
- 2:00 pm โ FOMC Meeting Minutes
Thursday, Nov. 19
- 12:30 pm โ Fed's Austan Goolsbee at the Economic Club of Indiana
- 5:30 pm โ Fed's Anna Paulson at the Money Marketeers dinner
Friday, Nov. 20
- No events scheduled.
IMPACT ON PRECIOUS METALS MARKETS
Retail Sales: September sales rose 0.8%. Strong spending would back more hikes and pressure metals, and a weak number would help. Moderate to high impact.
Hammack: She was one of two officials who favored a hike in October. After this week's CPI, her view on December will get a close look. Moderate to high impact.
FOMC Minutes: They show how split the Fed was in October. Hawkish detail would weigh on gold. High impact.
Goolsbee: He's already said inflation looks broad-based. Fresh comments could sharpen that message. Moderate to high impact.
Paulson: She runs the Philadelphia Fed, and any hint on the size of a December hike will matter. Moderate to high impact.
Takeaway: Circle Wednesday's Fed minutes. They're the best look yet at how the Fed is thinking about December.
