Gold steadies near $4,035 after sharp selloff as December Fed hike bets firm Roushni Nair Tue, November 10, 2026 at 8:27 PM EST 2 min read GC=F +0.52% PA=F +1.93% SI=F +2.27% PL=F +1.68% DX-Y.NYB +0.03% Investing.com -- Gold prices held near $4,035 an ounce on Wednesday after suffering a sharp decline in the previous session, as hotter-than-expected U.S. inflation and increasingly hawkish Federal Reserve commentary strengthened expectations for further monetary tightening.
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At 19:48 ET (00:48 GMT), spot gold edged up 0.1% to $4,035.72 an ounce, while U.S. gold futures gained 0.3% to $4,042.95. Silver slipped 0.1% to $51.5125 an ounce, while platinum advanced 0.5% to $1,548.30. Spot palladium rose 0.4% to $1,030.28, while palladium futures gained 0.2% to $1,025.50. The U.S. dollar Index edged down 0.01% to 102.24.
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Bullion remained under pressure after falling 2.6% following October's U.S. consumer price index report, which came in hotter than expected. Treasury yields climbed across maturities, while a gauge of the dollar surged as investors reassessed the outlook for interest rates.
Traders are now fully pricing in a 25-basis-point Federal Reserve rate increase in December. Higher borrowing costs tend to undermine non-interest-bearing gold by increasing the opportunity cost of holding the metal, while a stronger dollar makes bullion more expensive for buyers using other currencies.
Hawkish comments from Federal Reserve officials added to the selling pressure. Dallas Fed President Lorie Logan said she believes the central bank needs to raise rates by at least another 50 basis points, potentially at a faster pace than the gradual increases implemented in recent months.
Fed Governor Christopher Waller had also raised the possibility of a larger, 50-basis-point increase at the December meeting, reinforcing concerns that policymakers may pursue more aggressive tightening to bring inflation under control.
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