Gold spot prices in U.S. dollars fell sharply on Tuesday, November 10, 2026, sliding 2.2% to $4,049.43. The drop came after a stronger-than-expected U.S. October inflation report, which reinforced expectations for a Federal Reserve interest rate hike in December 2026.
The Bureau of Labor Statistics reported that headline CPI rose 0.4% month-over-month, exceeding the 0.3% consensus. Core CPI, which excludes food and energy, climbed 0.3%, matching the forecast that Fed officials had previously linked to more aggressive tightening. Fed Governor Christopher Waller added to the selling pressure by stating in a London speech that he supported raising rates in December and that a half-point increase could be appropriate if inflation remained high.
The stronger dollar that followed the data release made gold more expensive for international buyers, compounding the metal’s decline. Gold’s intraday range stretched from a high of $4,146.68 to a low of $4,033.07, erasing gains from the prior day’s rally driven by easing prices and U.S.-Iran diplomatic hopes.
The combination of an inflation surprise, hawkish Fed comments, and a strengthening dollar created significant downward pressure on gold. With the metal still well below its 52-week high of $5,595.46, traders are reassessing near-term support levels as December’s Fed decision approaches.