Gold posts its biggest weekly fall since June
Front-month gold futures settled at $3,879.70 an ounce on Friday, down 4.55% for the week — the largest weekly drop since the week ended June 5, 2026 — as rate-hike bets and a strong dollar weighed on the metal.
The week gold gave back
Front-month gold futures for November delivery settled at $3,879.70 a troy ounce on Friday, up $1.30, or 0.03%, on the day. The small gain snapped a three-session losing streak, but it did not change the week: the contract lost $184.80 an ounce, or 4.55%, its largest one-week decline since the week ended June 5, 2026.
Friday's settlement was the second lowest this year, and the metal is down 9 of the past 12 weeks. Gold is now 27.05% below its record high of $5,318.40, set on January 29, 2026, and down $445.90, or 10.31%, so far in 2026.
Silver fell even harder
Silver had a worse week. Front-month silver futures for November delivery lost $2.7720 an ounce, or 5.35%, to settle at $49.031, a new 52-week low and the lowest settlement since November 7, 2025.
Silver fell 1.88% on Friday alone, down for a second straight session, and has lost 5.49% over the past two sessions. The metal is down $21.103, or 30.09%, so far in 2026, and 57.39% below its record high of $115.08, set on January 26, 2026.
- Gold, front month, Friday settle$3,879.70
- Gold, weekly change-4.55%
- Silver, front month, Friday settle$49.031
- Silver, weekly change-5.35%
- Gold below record high-27.05%
Rates, not fear, set the price
The selloff was a rates story. A below-estimate producer price reading and steadying oil prices eased inflation concerns on Friday, but the week's damage was done by expectations that the Federal Reserve could raise interest rates in December — possibly by 50 basis points — with the dollar index above 103 and bond yields higher.
As Phil Flynn of the Price Futures Group put it, “Higher crude means higher inflation, which means a tougher Fed, which hurts a metal that pays no interest.” Gold pays no interest, so higher yields and a stronger dollar make it harder to own.
What to watch next
Traders now look to the Federal Reserve's meeting minutes and retail sales data next week, along with speeches from Fed officials, for the next read on the rate path. The metal's direction still turns on the same two forces: the dollar and real yields.
For now, the metal sits near its lows for the year: Friday's settlement was just 0.03% above the 2026 low of $3,878.40 set on Thursday, November 12, 2026.
