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Gold Tumbles 3% to $3,866 as Dollar Hits 19-Month High on Fed Hike Bets; Silver Slides Under $50
On Thursday, November 12, 2026, gold tumbled for a third straight session and broke decisively below $3,900 as a surging dollar and hardening December rate-hike expectations drove a broad retreat across the physical precious metals market, the dominant thread in today’s daily precious metals market report. Gold spot price is trading at $3,866.51 per ounce, down $121.46 (-3.05%) on the day. Silver spot price is trading at $49.88 per ounce, down $1.79 (-3.47%) on the day. The parallel decline lifted the gold/silver ratio to 77.5 from about 77.1 and pushed the silver spot price today back below the key $50 handle, while platinum eased 1.4% to $1,517.70 in a complex-wide move. The catalyst had already landed. Tuesday’s October CPI printed hotter than forecast, and with the Treasury market reopening after Wednesday’s Veterans Day closure, yields and the dollar repriced sharply, carrying the greenback to a 19-month high. CME FedWatch now assigns an 89% probability to a quarter-point Fed hike in December and an 11% chance of a half-point move that stood at zero before the inflation data. For physical buyers, the gold spot price today near $3,866 sits just above its late-October one-year low around $3,870, a level where dip demand and firm premiums on pre-1933 gold coins have repeatedly stepped in.
The clearest read on this move comes from CNBC’s November 12 market wrap, Gold extends losses to one-week low as dollar rallies on Fed rate hike bets, which caught spot gold down 1.4% at $3,931.54 in early European trade before the slide deepened through the U.S. morning. The figure most readers skim past is the one that actually matters: the dollar has climbed to a 19-month high. That, not any fresh gold-specific news, is the engine of this selloff. When the greenback is this strong, gold priced in most other currencies is holding far better than the dollar quote suggests, which is exactly why central banks and overseas buyers have kept accumulating through 2026’s pullbacks. Saxo Bank’s Ole Hansen pegged “key support around $3,970” and tied the selling to persistent inflation and hawkish Fed commentary, while Bank of England official Megan Greene reinforced the global tightening tone on Wednesday. Here is the asymmetry physical investors should weigh. Markets have swung from zero to an 11% chance of a half-point December hike in a matter of days, so the hawkish case is now heavily priced in rather than lurking as a surprise. Hansen himself noted that the recent collapse in energy prices should cool inflation in the months ahead, a shift that would undercut the very rate-hike narrative that just drove gold lower. For stackers and long-term holders, a dollar-driven dip to a one-year low reads as an accumulation window rather than a trend change, and with the ratio near 77.5 the math still favors those who buy silver while the metal trades under $50. This daily precious metals market report will watch Friday’s producer price index for the first sign the dollar’s run is tiring.
