Spot gold falls 2.7% on November 12, hits lowest level in more than a year
Spot gold closed down 2.7% on November 12 after touching its lowest level since October 2025, while December gold futures fell 2.9%. Spot gold edged higher on the morning of November 13. Rising oil prices, expectations that US interest rates could remain high, and a stronger dollar weighed on gold.
International gold prices fell for a third consecutive trading day on November 12. Spot gold closed at $3,880.93 per ounce, down 2.7%, after touching its lowest level since October 2025 during the session. Gold futures for December delivery closed at $3,885.30 per ounce, down 2.9%.
At 7 a.m. Vietnam time on November 13, spot gold rebounded 0.26% to $3,886 per ounce, while gold futures for December delivery were little changed at $3,886.90 per ounce.
Fading prospects for a Middle East peace agreement pushed oil prices higher, adding to concerns about inflation and interest rates remaining elevated. US President Donald Trump said the United States did not need an agreement with Iran. David Meger, director of metals trading at High Ridge Futures, said higher energy prices could prompt the Federal Reserve to maintain a hawkish stance, and that higher interest rates would weigh on gold.
Jim Wyckoff, a market analyst at American Gold Exchange, said higher-than-expected US inflation data, hawkish comments from Federal Reserve officials this week and a dollar near a 19-month high were all putting pressure on gold prices. Traders put the probability of a 0.25 percentage point Fed rate increase in December at 87%. Investors are awaiting the US Producer Price Index, scheduled for release on November 13. On the same day, spot silver, platinum and palladium fell 3%, 1.2% and 3.1%, respectively.
Source: VietVance
