Gold closed below $4,000 an ounce on Wednesday, 11 November, for the first time since 3 November, as follow-through selling after Tuesday's sharp fall pushed the metal through the round-number level during New York trading.

Spot gold finished at $3,987.70 an ounce at the 5:00 PM ET close, down $44.82, or 1.11%, from Tuesday's close of $4,032.52, according to Ausecure's market-close note, which uses OANDA spot prices. Gold futures told the same story: the front-month contract settled down $28.70, or 0.7%, at $3,992 an ounce, the lowest settlement since 3 November and a second consecutive daily fall, according to Dow Jones Market Data figures reported by MarketWatch.

The metal had started the day higher. It reached $4,067.10 in Asian hours before sliding through the session, closing $79.40 below its high and only $5.01 above its low of $3,982.69. Gold slipped below $4,000 around 1:00 PM ET and did not recover the level before the close.

The immediate trigger remained Tuesday's hotter-than-expected United States inflation data. Consumer prices rose 0.4% in October, against a forecast of 0.3%, and the reading strengthened bets that the Federal Reserve will raise interest rates again in December. Higher rates tend to weigh on gold, which pays no interest, and they lifted the dollar. The US dollar index closed at 102.91, up 0.65% on the day, its highest since April 2025, according to Reuters figures cited by Ausecure.

There was no fresh American data on Wednesday to change the picture. Federal offices were closed for Veterans Day, the US bond market was shut, and no Federal Reserve officials spoke during the day. Even so, futures markets continued to price a December rate rise as certain. Attention now turns to Thursday's weekly jobless claims and Friday's producer price figures, which will test whether the inflation surprise is feeding through more widely.

Silver went the other way, though it gave back most of an early gain. Spot silver closed at $51.67 an ounce, up $0.14, or 0.28%, from Tuesday's $51.53, after rising as much as 2.4% in the morning to $52.76. The gold-silver ratio fell to 77.2 from 78.3, a sign that silver held up better than gold on the day.

The fall leaves gold well below the record close of $5,318.40 reached on 29 January 2026. The metal had already dropped 2.6% on Tuesday, and Wednesday's decline extended the retreat from last week's highs. Traders will now watch whether buyers step in below $4,000 or whether the level, once broken, turns into resistance in the sessions ahead.