Gold and silver prices dropped in international markets on Thursday, November 12, 2026, as investors reacted to uncertainty surrounding the US Federal Reserve's interest rate outlook and fluctuations in the US dollar. On COMEX, gold futures fell to $3,985.20 per ounce, a decline of $15.30 or 0.38% from the previous close of $4,000.50. Silver futures also slipped to $51.555 per ounce, down $0.447 or 0.86% from the previous close of $52.002.
The decline in gold pushed prices below the psychologically significant $4,000-per-ounce mark, while silver experienced a sharper percentage drop. This movement followed selling pressure in the previous session. In the domestic market, gold prices in Delhi fell by ₹800 to ₹1.45 lakh per 10 grams on Wednesday, while silver prices dropped ₹5,000 to ₹1.87 lakh per kg.
Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, noted that the domestic decline was partly due to subdued trading activity during the Diwali holiday period, with several local markets closed. The US Federal Reserve's hawkish stance on interest rates and a stronger dollar have contributed to the downward pressure on precious metals, as higher rates make non-interest-bearing assets like gold less attractive.
Investors are now watching key factors such as the US dollar's movements, Treasury yields, and the Federal Reserve's monetary policy for further direction. Geopolitical developments, including the proposed US-Iran peace deal, and crude oil prices are also influencing the broader commodity outlook. For domestic investors, international bullion prices and the rupee-dollar exchange rate will be critical in determining local gold and silver prices.