Gold Plunges to 52-Week Low as Futures Settle at $3,878
Gold plunged to a new 52-week low on Thursday, 12 November 2026, as front-month futures settled at $3,878.40 an ounce, their lowest closing level since 2 October 2025. The sharp fall marked a third consecutive losing session for the metal and left it more than a quarter below the record high it set in January.
Comex gold for November delivery lost $113.60 an ounce, or 2.85%, in New York trading, according to Dow Jones Market Data. The settlement was the weakest since early October last year and took the metal 27.08% below its record settlement of $5,318.40, reached on 29 January 2026. Gold is now down $447.20, or 10.34%, so far this year.
Spot gold also fell heavily during the day. It was trading at $3,903.18 an ounce at 8:45am in New York, down $84.52, or 2.12%, from Wednesday's close, after briefly touching $4,000.73 in Asian trading. Later in the session the spot price slid as low as $3,843.60, a fresh 52-week low, before settling near $3,864.90, down 3.06% on the day.
Strong dollar and rate-hike bets weigh on bullion
The sell-off was driven by a stronger US dollar and rising government bond yields. Stronger-than-expected US inflation data and hawkish signals from Federal Reserve officials have lifted expectations that the central bank will raise interest rates again in December, a prospect that tends to hurt gold because the metal pays no interest.
The Wall Street Journal reported that gold futures fell for a third consecutive session as the dollar gained and yields rose, with the market concerned about higher interest rates and a rebound in oil prices that could fuel more inflation. Silver fell with gold, dropping 2.42% to $50.42 an ounce in early New York trading.
Traders have been reassessing the outlook for US interest rates after October consumer prices rose more than expected. The stronger inflation reading pushed up the dollar and Treasury yields, both of which make gold more expensive for buyers in other currencies and reduce its appeal against yield-paying assets.
Gold now 27% below its January record
The scale of the retreat underlines how far sentiment has turned since the start of the year. Gold's spectacular run into January took it to an intraday record of around $5,600 an ounce, but the metal has since given back roughly 30% of its value as the dollar has strengthened and expectations of further rate rises have grown.
In the UK, the spot gold price was about £2,922 an ounce on Thursday afternoon, down 2.89% over 24 hours. The price in sterling has fallen 7.99% over the past 12 months, with the annual range running from $3,873 to $5,608 an ounce in dollar terms.
Traders will now watch whether gold can stabilise above the $3,865 area, the lowest level of the past year, or whether further strong US economic data and hawkish comments from Fed officials push it lower still. US producer price figures due on Friday are the next major test for the metal.
