Gold slipped below $4,000 an ounce on Thursday 12 November, extending a sharp sell-off as a stronger US dollar and growing expectations of a December interest rate rise in the United States pressured prices.

Spot gold was trading at $3,947.59 per troy ounce as of 6:29am ET, down 1.65% from the last LBMA afternoon fix, according to GoldPrice.com. Gold had closed on Wednesday at $3,987.70, down 1.11% from $4,032.52 at the previous close, and was trading near $3,981 in Thursday’s Asian session after Wednesday’s drop pushed it back below $4,000.

Strong dollar drives the slide

The US dollar index climbed towards 102.90, near its highest level since April 2025, as markets fully priced in a December Federal Reserve rate rise following this week’s hotter-than-expected US inflation data. Gold also touched its lowest level since 4 November, according to Reuters, as investors turned their attention to the US producer price index report due on Friday 13 November.

The metal is now down 8.7% so far in 2026 and sits 26.2% below its all-time closing high of $5,405.00, set on 29 January 2026. Its 52-week range runs from $3,875.65 to $5,405.00. Analysts are watching the $3,969 demand zone, with a sustained move below it potentially opening the way to $3,920 and then $3,872.

Other precious metals were mixed at Wednesday’s close. Silver rose 0.28% to $51.67 an ounce, platinum fell 0.16% to $1,537.80, and palladium rose 0.17% to $1,028.83. US weekly jobless claims, due at 13:30 GMT on Thursday, are the next test for gold before Friday’s inflation data.