Gold prices rebounded this Friday, November 13, 2026, supported by bargain buying after having reached, the day before, their lowest level since October 2025. The recovery comes as investors await new inflation data in the United States, likely to influence the Federal Reserve’s upcoming decisions.
In the spot market, gold rose 0.6% to reach 3,898.27 dollars per ounce, despite a cumulative drop of 4.1% since the start of the week. US gold futures for December delivery also gained 0.5%, at 3,902.70 dollars per ounce.
The essentials
- $3,898.27 per ounce: spot gold, up 0.6%.
- -4.1%: the drop since the start of the week.
- $3,902.70: the price of US December delivery futures.
- 89%: the probability markets assign to a 25-basis-point rate hike in December, per FedWatch data cited.
- U.S. inflation: investors await the producer price index figures.
A rebound after a sharp slide in prices
The gold market is experiencing a rebound after a Thursday session marked by a pronounced decline in prices.
Spot prices had then fallen to their weakest level since October 2025, amid tensions in energy markets and a reassessment of the outlook for U.S. monetary policy.
The rally observed on Friday appears mainly linked to purchases taking place after this pullback.
Kelvin Wong, senior market analyst at OANDA, says the current move resembles more an adjustment of investors’ positions than a confirmed shift in trend.
“Today’s move looks more like a repositioning of positions, particularly because several very short-term momentum indicators had reached extremely oversold levels after yesterday’s steep decline,” he explained.
This assessment suggests that the rebound could be driven by short-term technical factors, without being sufficient to establish a durable market recovery.
Rising Middle East tensions fuel inflation fears
The Thursday decline occurred alongside a rise in oil prices, amid fading hopes for a quick resolution to the Middle East conflict.
This development rekindled fears of an acceleration in inflation, particularly due to the potential impact of higher energy costs on consumer prices and on economic activity.
Investors fear that persistent inflation could lead the U.S. Federal Reserve to maintain a restrictive monetary policy, or even raise its target rates further.
While gold is traditionally seen as a safe-haven asset and an inflation hedge, rising interest rates can reduce its attractiveness.
Indeed, unlike bonds and certain financial investments, gold does not generate regular income.
When rates rise, the opportunity cost of holding the precious metal tends to increase.
However, it is important to distinguish between oil price increases, inflation expectations, and gold movements: their simultaneous evolution does not, by itself, establish a single causal link.
The Fed at the center of investors’ concerns
The outlook for U.S. monetary policy remains one of the main factors watched by the precious metals markets.
According to market probabilities from CME Group’s FedWatch tool, investors largely expect another adjustment in the federal funds rate in December.
The cited data show an 89% probability of a 25-basis-point rise, vs 11% for a larger 50-basis-point move.
These percentages reflect market expectations at a given time and not decisions already made by the Federal Reserve.
On Thursday, John Williams, president of the Federal Reserve Bank of New York, spoke in favor of continuing a restrictive monetary policy, while the central bank seeks to bring inflation down to a lower level in an economy that is broadly resilient.
These statements have intensified focus on forthcoming U.S. economic indicators.
The dollar and Treasury yields also under scrutiny
Beyond the rate outlook, the movement of the dollar and U.S. Treasury yields remains an important factor for the gold market.
Kelvin Wong notes that a sudden shift in U.S. Treasury yields could support gold prices in the short term.
According to the analyst, such an evolution could lead to a weaker dollar, creating conditions potentially favorable to gold.
A weaker dollar generally makes the precious metal cheaper for investors using other currencies, which can support demand.
However, the magnitude of this effect also depends on rate expectations, risk appetite, and overall market conditions.
U.S. inflation expected after the jobs data
Investors are now turning their attention to the release of the U.S. producer price index, due this Friday.
This indicator tracks year-over-year producer price changes and is one of the elements used to gauge inflationary pressures.
Its release could alter expectations about the trajectory of U.S. interest rates.
Meanwhile, the latest labor market data showed a larger-than-expected rise in initial unemployment claims for the previous week.
Despite this increase, the level remains compatible with a broadly stable labor market, according to the reported data.
Investors’ attention remains split between inflation risks and signs of changes in U.S. economic activity.
Silver, Platinum and Palladium: Mixed Movements
Other precious metals posted limited or mixed movements during Friday’s trading.
| Precious metal | Spot price | Change |
|---|---|---|
| Gold | $3,898.27/ounce | +0.6 % |
| Silver | $50.05/ounce | +0.1 % |
| Platinum | $1,517.06/ounce | -0.1 % |
| Palladium | $1,009.62/ounce | +1.6 % |
Silver inched up 0.1% to reach $50.05 per ounce.
Platinum, however, fell 0.1% to $1,517.06, while palladium posted the session’s strongest gain among the four metals, rising 1.6% to $1,009.62.
Despite these movements, silver, platinum and palladium are also heading for weekly declines.
Will gold’s rebound reverse the trend?
The advance on Friday allows gold to recover part of the losses suffered in the previous session.
However, the 4.1% drop since the start of the week shows that the market remains under significant pressure.
The next moves will depend on U.S. inflation figures, expectations for Fed decisions, the evolution of yields and the dollar, as well as tensions in the Middle East.
At this stage, the rebound observed does not allow conclusions of a durable trend reversal.
Markets are now awaiting the release of the U.S. producer price index, which could provide new indications on inflation trends and the outlook for monetary policy.
