Week in review: gold's worst week since June, and what a gloomy mood can mean

The week, day by day

Monday. Gold opened the week strongly, rising about 1.5% to 2% and touching its high for the week as oil eased and hopes grew for US–Iran talks.

Tuesday. US consumer prices rose faster than expected in October. Gold fell close to 3% and silver nearly 4% as markets moved to fully price a Federal Reserve rate hike in December.

Wednesday. A quiet day for bonds, with US markets closed for Veterans Day. Silver recovered some ground. Gold slipped back below $4,000 late in the day.

Thursday. The US 10-year Treasury yield pushed towards 5% and the dollar reached its highest level in about 19 months. Gold fell about 3% and touched its lowest level since October 2025. Silver dropped below $50.

Friday. US producer prices rose 0.3% in October, a little less than the 0.4% expected. That eased the pressure slightly. The chance of a larger half-point hike in December fell back, and gold ended the day roughly flat.

Over the week as a whole, gold fell about 4.5%, its worst week since early June. Silver ended near $49.

Why the mood has turned so negative

After a week like this, market mood swings quickly. Many short-term traders have turned bearish, and much of the commentary now focuses on how much further gold could fall while US rates rise.

That is understandable. Higher interest rates, a strong dollar and bond yields near 5% are real headwinds for a metal that pays no interest. Those forces are likely to stay in place at least until the Fed's 8 to 9 December meeting.

What a gloomy mood can mean

Market mood tends to follow price. After a run of strong days, optimism peaks. After a sharp fall, pessimism does. For long-term holders, the more useful question is whether anything has changed in the reasons to own gold over years, not just weeks.

On that score, our answer is no. Central banks are still buying gold for their reserves. Indian families bought more gold this Diwali than last year. And the forces pushing rates higher, persistent inflation and heavy government debt, are also among the oldest reasons people hold gold in the first place.

We do not say that the low is in. Prices could fall further in the coming weeks. We are saying that a week like this one does not, on its own, change the long-term direction.

What to watch next week

Tuesday: US retail sales for October. A read on how strongly US consumers are still spending.

Wednesday: minutes of the Fed's October meeting. Markets will look for clues on how many policymakers favour further hikes and by how much.

Bond yields and the dollar. These two have driven most of gold's moves this week, and they are likely to keep doing so.

What our AstroPlanetary view says

Our short-term reading is event-based and updates every hour. This week it had a busy time, with inflation data, a bond-market move and a holiday-thinned session in the space of five days. On the planetary side, we are now in the second half of the unsettled stretch we described at the start of the month. Jupiter has just changed sign and turns retrograde in December, and the Rahu–Ketu axis shifts in late November. In our framework that goes with sharp, two-way markets, and this week fits that picture.

Our long-term view is unchanged. We see gold's next big high in November 2027, with ups and downs along the way. This week was a clear down.

What we would do this month

We said at the start of November that we would stay away from short-term investing in gold and silver this month. This week shows why: a strong Monday was followed by two days of falls close to 3% each. Short-term positions in that kind of market depend on luck as much as judgement. Long-term holders can let weeks like this pass.

Everyone's situation is different. If you are making a decision about your own money, speak to a qualified financial adviser.

Get the day-by-day and longer-term view

The Bullion Signals app gives the short-term forecast updated every hour, the day-by-day view, and the medium and long-term outlook for gold and silver. See the passes, or read our long-term view: the next big high in November 2027.

Sources: US Bureau of Labor Statistics CPI and PPI releases for October 2026; CME FedWatch; market prices as reported by Kitco and Reuters, 9 to 13 November 2026.

Educational research, not financial advice. Forecasts and readings are hypothetical model outputs, not guarantees or recommendations, and past results do not indicate future performance.