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Wednesday, November 11, 2026
What’s happening: Gold prices rose this morning after recording sharp losses in the previous session.
What happened: Gold prices dipped almost 3% on Tuesday as a hotter-than-expected inflation report from the US raised speculations of a bigger interest rate hike by the Federal Reserve this year.
Weakness in the US dollar lent support to gold prices this morning ahead of the key PPI report this week.
Why it matters: Data released by the US Labor Department’s Bureau of Labor Statistics showed that the Consumer Price Index (CPI) gained 0.4% in October following a 0.6% rise in the previous month. The latest reading came in higher than market estimates of 0.3%.
Core consumer prices, excluding food and energy goods, surged 0.3% in October, above market estimates of 0.2%.
The data release and hawkish comments from Fed governor Christopher Waller sparked speculations of the US central bank hiking interest rates by 50 basis points (bps) in December.
The US dollar recorded gains on Tuesday, while the Treasury yields moved higher following the inflation data, exerting pressure on gold prices.
Some weakness in the US dollar lent support to the yellow metal this morning as a softer greenback makes metals cheaper for foreign currency holders. The US dollar index, which measures the greenback’s performance versus a basket of major peers, slipped to 102.23 this morning.
Meanwhile, the Monetary Authority of Singapore announced plans to launch a vaulting service to hold gold for foreign central banks and reduce taxes for some firms trading in the gold market in a bid to attract more international business.
Spot price for gold rose around 0.3% to $4,046.60 an ounce this morning.
In other metals trading, spot silver jumped 1.6% to $52.3860 an ounce, spot platinum rose 1.5% to $1,563.54 and palladium climbed 1.4% to $1,041.29.
What to watch: Investors now await the release of PPI data on Friday. Analysts expect producer prices in the US to surge by 6.6% year-over-year in October, accelerating from 6.3% in September.
Context: The Japanese yen traded lower versus the US dollar this morning, reaching the lowest level since October 2026.
Details: According to the Bank of Japan’s latest summary of opinions, central bank policymakers agreed to continue raising interest rates as inflation holds steady around its 2% target.
Some policymakers even pushed to accelerate rate hikes, pointing out Japanese businesses have remained resilient despite higher borrowing costs. Bank of Japan’s chief economist Seisaku Kameda reinforced this outlook on Monday, stating that the central bank will likely raise interest rates in December and continue tightening into next year.
Data released this morning showed that the Reuters Tankan index for Japanese manufacturers climbed for the fourth straight month to +27 in November from +22 in October. This marked the strongest reading since August 2021 and was driven by strength in semiconductor and data center demand.
Meanwhile, inflation pressures eased with crude oil prices falling on rising optimism over a possible US–Iran peace deal.
Weakness in the US dollar lent support to the Japanese currency. The US dollar index, which measures the greenback’s performance versus a basket of major peers, edged lower to 102.23 this morning.
The USD/JPY forex pair gained around 0.1% to 158.95 this morning, while the Nikkei 225 rose around 0.4% to trade at 60,694.83.
What to watch: Data on PPI (0350 UAE Time), foreign bond investment (0350 UAE Time) and stock investment by foreigners (0350 UAE Time) from Japan will be released on Thursday. Producer prices in Japan, which declined by 0.3% in September, are expected to rise by 0.3% in October. Analysts expect Japan’s producer prices to rise 6.5% year-over-year in October following a 6.8% gain in the previous month.
Other Markets: European indices closed mostly higher on Tuesday, with the DAX 40, CAC 40 and STOXX Europe 600 Index up by 0.31%, 0.55% and 0.27%, respectively, and the FTSE 100 down by 0.29%.
Ukraine’s President Volodymyr Zelenskyy said that the first day of trilateral talks with Russia and the US proved to be “constructive”. The news sent the USD/RUB forex slightly lower in forex trading this morning.
Hungary’s annual inflation rate accelerated to 2.0% in October from 1.6% in the previous month, which lent support to the USD/HUF forex pair.
Sweden’s total orders jumped 8.4% year-over-year in September, up from a three-month low of 3.8% in August. However, the USD/SEK pair rose in forex trading this morning.
Norway’s annual inflation rate surged to 3.6% in October from 3.4% in the previous month, lending support to the USD/NOK forex pair.
Australia’s housing lending declined 5.3% to A$56.45 billion in the third quarter, following a 2.0% decline in the previous period. However, the AUD/USD pair rose in forex trading this morning.
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