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On Friday, November 13, 2026, gold held its footing after a punishing week, steadying even as a hotter annual inflation reading kept the market braced for a December rate hike. Gold spot price is trading at $3,890.88 per ounce, up $6.52 (+0.17%) on the day. Silver spot price is trading at $49.83 per ounce, down $0.64 (-1.27%) on the day. That leaves the gold-silver ratio near 78.1, still wide by this cycle’s standards and a sign that silver’s industrial bid has yet to fully reassert itself. The catalyst arrived at 8:30 a.m. ET, when the Bureau of Labor Statistics reported that October producer prices rose 0.3% on the month, a shade under the 0.4% consensus, while the annual rate climbed to 6.5%, the highest in nearly four years. Traders read the monthly miss as cooler at the margin but not a turn: CME FedWatch had already put the odds of a December quarter-point hike near 85% after this week’s CPI, and the soft monthly print did little to move that. For physical buyers, this daily precious metals market report reads the week’s selloff as rate-and-currency repricing rather than any retreat in bullion demand, and the gold spot price today reflects paper positioning more than a demand shock. Track the move on our live gold price page.
The deeper signal this week is who is selling and who is not. Spot gold has shed roughly 5% over the past five sessions while the dollar has firmed, a move driven by rising real rates rather than any crack in physical demand. The sellers in that kind of tape are leveraged futures traders and funds trimming exposure as borrowing costs climb; they rarely hold metal in hand. The buyers who matter to the physical precious metals market behave differently. The World Gold Council’s Q3 Gold Demand Trends, released November 3, showed central banks and other official institutions adding a net 321 tonnes in the third quarter, up 42% from a year earlier and the strongest quarter since late 2024, bringing year-to-date official purchases to about 675 tonnes. That demand did not evaporate because the December Fed meeting turned hawkish; if anything, a 6.5% annual pace of wholesale inflation is precisely the backdrop that keeps official buyers accumulating. Here is the point most readers will miss in today’s report: wholesale costs feed into consumer prices with a lag, so the same inflation pushing the Fed toward another hike is the inflation that quietly erodes the purchasing power of cash. A central bank raising rates into a four-year-high producer inflation print is chasing the problem, not resolving it. For stackers, jewelers, and long-term investors, that argues for scaling in on weakness rather than waiting for a flawless bottom. With the silver spot price today near $49.83 and the ratio close to 78, silver also screens as relative value for buyers who can stomach its sharper swings. Investors weighing entries can compare dealer premiums on our gold coin prices page, since premiums often tighten when paper selling outruns real-world demand. Until the Fed’s path clears, physical metal’s job is unchanged: preserve wealth through a policy cycle that has not yet run its course.
