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Stronger-than-expected US inflation in October raised bets on a Federal Reserve rate increase in December. On November 12, the dollar index reached a nearly 19-month high, the yen approached 160 per dollar, and the Indonesian rupiah fell to a record low against the dollar.
Spot gold fell $107 to $4,031 an ounce on November 10, after touching $4,012 during the session. Higher than expected US inflation lifted the dollar and Treasury yields, shifting expectations for the Federal Reserve’s December rate increase.
On November 10, 2026, higher-than-expected US inflation data lifted the dollar and US Treasury yields, sending international gold prices lower. Spot gold fell 2.7%, while December gold futures closed down 2.0%. That afternoon, SJC gold was quoted at 137.9 million to 140.9 million Vietnamese dong per tael in Hanoi.
Gold fell nearly 3% in the previous trading session as higher-than-expected US inflation lifted the dollar and US Treasury yields. At 7 a.m. Vietnam time on November 11, spot gold and December gold futures both recovered slightly. Markets also raised their bets on a 0.5-percentage-point Federal Reserve rate increase in December.
Gold rose more than 5% last week and climbed back above $4,000 an ounce, but expectations of persistently high US interest rates could still weigh on prices. US consumer and producer price data due this week may help determine whether the rebound holds.
