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Gold Slides 2.1% to $4,053 as Hotter October CPI Stokes Fed Hike Fears; Silver Drops 2.8%
On Tuesday November 10, 2026, a hotter-than-expected October inflation print leads this daily precious metals market report. It knocked gold and silver off Monday’s rebound and pushed rate-hike worries back to the front of the trade. Gold spot price is trading at $4,053.30 per ounce, down $87.21 (-2.11%) on the day. Silver spot price is trading at $51.92 per ounce, down $1.49 (-2.80%) on the day. Silver is falling faster than gold, so the gold/silver ratio has widened to 78.06 from roughly 77.5 at the open. Platinum is off 1.52% at $1,553.50, and palladium is down a milder 0.45% at $1,035.43. The catalyst landed at 8:30 a.m. ET. The Labor Department reported that consumer prices rose 0.4% in October against a 0.3% consensus, with core CPI up 0.3% versus the 0.2% economists expected. Gold had already slipped well below its $4,146.75 session high before the release, and selling deepened afterward toward a session low of $4,040.09. For buyers who track the gold spot price today on our live gold price page, that roughly $107 intraday range is the story. A hot print raises the odds of another Fed hike, and paper traders are selling first. October producer prices, due Friday, are the next test.
There is no single featured news article in today’s daily precious metals market report, because no qualifying fresh source was available. So the analysis comes straight from the tape and the CPI release itself, and one detail in that release matters more than the headline. The October report carries no 12-month inflation rate. Because of the gap in October 2025 price collection during the government shutdown, the Labor Department cannot calculate a year-over-year change for either headline or core CPI this month. The last annual reading was 3.7% for September. That leaves markets reading a single monthly number, and a 0.4% monthly gain compounds to roughly 4.9% annualized. Core at 0.3% works out to about 3.7%. Traders reacted to the hike risk and sold futures-linked gold. Physical owners should read the same data differently. Inflation running near 4% to 5% annualized is the exact erosion of purchasing power that bullion exists to offset. Today’s selloff came from rate expectations, not from any change in that underlying problem. The price context sharpens the point. At $4,053, gold sits about 26% below its January 29 LBMA high of $5,501.70, and silver at $51.92 trades about 56% below its $118.45 all-time high. A ratio near 78 means one ounce of gold buys 78 ounces of silver, so silver remains the cheaper of the two metals on a relative basis today. For long-term buyers in the physical precious metals market, CPI-driven pullbacks like this one are better treated as entry windows than exit signals. Staggering purchases across a volatile week, rather than chasing a single print, lowers the average cost per troy ounce. Readers can follow the silver spot price today on our live silver price page. Those building a core position can compare gold bullion coins and bars side by side.
