Gold price today: drops below $4,100 after Monday’s rise

If gold gave you a reason to be happy yesterday, today it’s time to hit the brakes. The gold price retreated this Tuesday, November 10, 2026, and is trading below $4,100 per ounce. According to Reuters, at 6:53 a.m. Eastern Time (11:53 GMT), spot gold was down 1.6% and trading at $4,071.07 per ounce.

Keep in mind that this is an early morning figure, prior to the release of the inflation data at 8:30 a.m., and may fluctuate throughout the day.

What happened exactly?

According to Reuters, the decline followed comments from Federal Reserve Governor Christopher Waller, who said that aggressive monetary policy might be necessary if inflation continues to rise. Reuters also noted that the dollar stabilized.

Another factor helping to understand the environment is that, according to the CME’s FedWatch tool, traders saw a probability of around 99% that the Fed would raise rates in December.

And what about yesterday? On Monday, November 9, gold had surpassed $4,100. According to Reuters, as reported by Kitco, spot gold was up 1% and trading at $4,107.01 per ounce at 1:35 p.m. Eastern Time. Jim Wyckoff, an analyst at American Gold Exchange, quoted by Reuters, linked this advance to a weaker dollar and cheaper oil. Today, the landscape changed.

Spot gold or futures? They’re not the same

Perhaps you saw two different numbers and wondered which one was valid. Spot gold is the reference price for the metal for immediate delivery in the wholesale market. It’s not what you pay for a chain or a ring at a jewelry store.

Futures, on the other hand, are contracts for delivery of the metal at a later date. According to Reuters, US gold futures for December were down 0.9% at 6:53 a.m. Eastern Time and stood at $4,079.80. This price is for the December contract, not spot gold. That’s why the two numbers don’t match. On Monday, according to Reuters, the same contract had closed with a 1% gain, at $4,114.50.

And what about this morning’s inflation data?

Prior to its release, Reuters reported that economists surveyed expected the core CPI to rise 0.2% in October. Nitesh Shah, of WisdomTree, said that a figure above 0.3% could pressure gold, while one equal to or below 0.3% would continue to support it.

The data is out. According to the Bureau of Labor Statistics (BLS), released at 8:30 a.m. Eastern Time, the CPI rose 0.4% in October, compared to 0.6% in September. The core rate, which excludes food and energy, rose 0.3%, the same as in August and September.

How should this be interpreted? It exceeded the 0.2% expected by economists surveyed by Reuters, but not the 0.3% threshold mentioned by Shah. The market’s reaction to this data may change the price throughout the day.

Why do interest rates weigh so heavily on gold?

Gold doesn’t pay interest on its own. Although many people use it as a refuge, when interest rates are high or expected to rise, assets that do pay returns become more attractive. That’s why Waller’s words and the 99% probability of a rate hike in December are so important.

According to Reuters, US employment data released on Friday, November 6, came in stronger than expected and reinforced expectations of high interest rates for a longer period. It’s a tug-of-war: what helped gold on Monday is no guarantee of anything, and what’s pressuring it today isn’t either.

And how does this affect you?

It depends on who you are, and there are arguments for both sides.

If you already own gold: as of early today, your position is worth less than it was yesterday. But this is a paper loss: it won’t be realized until you sell, and the price can change. On the positive side, Shah, according to Reuters, suggested that a core CPI equal to or below 0.3% would continue to support the metal, and today’s data came in at 0.3%. On the negative side, the prospect of higher interest rates remains a headwind, according to Waller and market expectations reported by Reuters.

If you’re thinking of buying jewelry: you don’t necessarily pay the spot price. The final price depends on the purity, craftsmanship, and seller’s margins. A drop in gold doesn’t translate directly to the jewelry store, just like a rise doesn’t either.

If you’re looking to protect your savings: gold can serve as a refuge, but it’s volatile and doesn’t generate interest. Two consecutive days with movements of over 1% in opposite directions are a good reminder. There’s no guarantee that it will protect you at all times.

What’s next?

Before making a decision, ask yourself when you need that money. A day of decline or rise tells a very different story than several years.

On the calendar, the October Producer Price Index (PPI) remains pending, which, according to the BLS, will be released on Friday, November 13, at 8:30 a.m. Eastern Time. Neither what happened on Monday nor what happened today allows us to anticipate with certainty what that data will show or what the Federal Reserve will decide.

If you want to better understand how interest rate expectations move money, you can read our previous guide on interest rate expectations and your money. You also have another previous explanation of the link between interest rates and risk assets in this note on central banks and bitcoin. These are previous guides, not the current calendar, so use them for context, not for dates.

This note is for informational purposes only and does not constitute investment advice.

Sources: Reuters, November 10, 2026 (figures as of 6:53 a.m. Eastern Time); Reuters via Kitco, November 9; BLS, October CPI data released on November 10; BLS: official November 2026 calendar. Data consulted on November 10, 2026.