Gold Price Drop November 2026: Why Gold Fell Below $3,900

How much did the gold price fall this week?

Comex gold futures for November delivery fell $184.80, or 4.55%, in the week to 13 November 2026, settling at $3,879.70 an ounce ^[1]. Dow Jones Market Data said it was the largest one-week fall in dollars and percentage terms since the week ending 5 June 2026, and gold has now fallen in nine of the past 12 weeks ^[1].

The spot price, which tracks gold for immediate delivery, moved in a wide range. It opened the week at $4,066.39, rose to a weekly high of $4,148.95 on Monday, broke below $4,000 on Wednesday and hit a low of $3,852.10 on Thursday, Kitco reported ^[2]. It ended the week at $3,883.98, down 5.00% ^[2].

Thursday's low was the weakest level since October 2025 ^[2]. Friday's settlement was the second-lowest of 2026, only $1.30 above the year's lowest settlement on 12 November ^[1].

Gold markets are closed at weekends, so these Friday prices still apply as of 15 November 2026, 06:00 UTC. The table below summarises the week.

Why did gold fall this week?

Hotter US inflation data pushed up expectations of a Federal Reserve rate hike, which lifted bond yields and the dollar and made gold, which pays no interest, less attractive ^[2][3]. The US consumer price index rose 0.4% in October and core prices rose 0.3%, both above forecasts ^[3].

After the data, the CME FedWatch tool showed about a 95% chance of a 0.25-point hike in December, according to Haber7 ^[4]. Some traders also began to price a larger, 0.5-point move ^[2].

Treasury yields rose sharply. On Thursday the 10-year yield reached about 5.10% and the two-year yield about 4.86%, Kitco reported ^[3]. Haber7 reported that the 10-year yield rose to 5.14% and the dollar index reached a 19-month high around 103.41 ^[4]. A stronger dollar makes gold more expensive for buyers using other currencies ^[4].

Oil also played a part. Brent crude ended the week at $96.13 a barrel as tensions around Iran and the Strait of Hormuz continued ^[4]. Higher energy prices raise inflation expectations, which strengthens the case for rate hikes ^[2][3]. For the Fed meeting itself, see the Pouyam guide Fed Rate Hike December 2026: Will the Fed Raise on 9 Dec?

How far is gold below its record high?

Gold futures are 27.05% below their record settlement of $5,318.40, reached on 29 January 2026 ^[1]. Since the start of the year, the front-month contract has fallen $445.90, or 10.31% ^[1].

Over 12 months the fall is smaller: gold was 5.09% lower than 52 weeks earlier ^[1]. For the month of November so far, it was down 0.15% after an early rebound ^[1].

The third quarter was still a period of high prices. The gold price averaged $4,262 an ounce from July to September 2026, the World Gold Council said ^[5].

For a general explanation of what moves gold prices and the different ways people hold gold, see the Pouyam guide Gold Price Today: Why Gold Prices Move and How People Invest.

What is the gold price in India, Turkey and the UAE?

Local prices fell with the world price, though by different amounts because of exchange rates, taxes and dealer margins ^[4][6][7].

In India, 24-carat gold in Delhi fell by ₹2,500 on Friday 13 November to ₹1,40,900 per 10 grams, including taxes, the fourth straight session of losses, according to the All India Sarafa Association as reported by Times Now ^[6]. On the Multi Commodity Exchange, the December contract closed Friday at ₹1,36,635 per 10 grams ^[6]. Retail rates compiled by GoodReturns, which differ from association and exchange prices, stood at ₹1,38,640 for 24-carat and ₹1,27,100 for 22-carat gold per 10 grams in Delhi ^[6]. An HDFC Securities analyst also pointed to weaker retail buying after Diwali ^[6].

In Turkey, the spot price of gram gold fell 4.17% in the week and ended Friday at 6,286 lira, Haber7 reported ^[4].

In Dubai, the retail rate for 24-carat gold was 468 dirhams a gram on 14 and 15 November, down from 497.25 dirhams on 9 November, according to rates from the Dubai Gold & Jewellery Group published by Gulf News ^[7].

Jewellery prices include making charges, so shop prices are higher than these reference rates ^[6][7].

Are central banks still buying gold?

Yes. Central banks and other official institutions added a net 321 tonnes of gold in the third quarter of 2026, up 42% from a year earlier and the highest quarterly total since late 2024, the World Gold Council said ^[5]. Their purchases so far this year reached 675 tonnes, 6% more than in the same period of 2025 ^[5].

Investment funds also bought. Physically backed gold exchange-traded funds (ETFs) added 211 tonnes in the quarter, taking holdings to a record 4,256 tonnes ^[5].

Other buyers stepped back. Jewellery demand fell 17% to 313 tonnes, the weakest third quarter in the Council's data, and bar and coin demand fell 19% ^[5]. Total demand was 1% lower at 1,369 tonnes ^[5].

The Council said the outlook was "finely balanced" for the rest of the year, with rising interest rates a possible headwind ^[5]. These quarterly figures were published on 3 November, before this week's fall.

What do analysts say about the gold price next week?

Most analysts in Kitco's weekly survey expected further losses: 62% saw gold lower next week, 15% saw it higher and 23% expected sideways trading ^[2]. Retail voters in Kitco's online poll were split, with 42% expecting a rise and 38% a fall ^[2].

Analysts pointed to a support zone around $3,850 to $3,900 that has held several times since late 2025 ^[2][4]. CPM Group gave an initial range of $3,800 to $4,160 for 13 to 27 November ^[2].

Some analysts said the longer-term case for gold was unchanged while short-term factors were negative. Adrian Day of Adrian Day Asset Management said the dollar and oil-driven inflation expectations were headwinds until the war in Iran ends ^[2].

Others were more bearish. Daniel Pavilonis of StoneX said a test of the 200-week moving average near $3,200 was possible, while independent analyst Jesse Colombo said a clear break below $3,900 could open a path toward about $3,500 ^[2].

Analyst views differ widely and often prove wrong. This page reports them; it is not investment advice, and it does not recommend buying, selling or holding gold.

What could move the gold price next?

The main drivers are US data and Fed signals, the dollar and Treasury yields, and the conflict involving Iran, which affects both safe-haven demand and oil prices ^[2][3].

Next week's US calendar includes October retail sales on Tuesday and the minutes of the Fed's October meeting on Wednesday afternoon, with Fed Chair Kevin Warsh speaking at a conference on Monday, Kitco reported ^[2]. The Fed's next meeting is on 8-9 December ^[3].

Geopolitics cuts both ways. Kitco noted that instability supports demand for gold as a safe haven, while higher energy costs and rising yields weigh on it ^[3].

Gold and silver often move together: Kitco reported spot silver down 3.13% to about $49.93 on Thursday ^[3]. For silver, see the Pouyam guide Silver Price Drop November 2026: Why Silver Fell Below $50.

How do I read a gold price quote?

Check whether a price is spot or futures, what unit and currency it uses, and whether it includes taxes and making charges ^[1][2][6].

1. Spot price: the price for immediate delivery, quoted per troy ounce in US dollars; it ended this week at $3,883.98 ^[2].
2. Futures price: the price on an exchange contract such as Comex; the November contract settled at $3,879.70 ^[1].
3. Local rates: India quotes per 10 grams in rupees, Turkey per gram in lira and the UAE per gram in dirhams ^[4][6][7].
4. Purity: 24-carat is nearly pure gold; 22-carat and 18-carat prices are lower ^[6][7].
5. Time stamp: prices change constantly on trading days, so note the date and time of any quote.

One troy ounce is about 31.1 grams.