Gold Prices Decline as Markets Price in December Fed Rate Hike

Key Facts

Gold prices fell to near $4,125 during early Asian trading on Tuesday, November 10, 2026. FXStreet reported that markets are currently pricing in an 84.0% probability of a Federal Reserve rate hike in December, a sentiment that has weighed heavily on the non-yielding asset.

The decline follows stronger-than-expected US Nonfarm Payrolls data released on November 6, 2026, which showed an addition of 165,000 jobs against a forecast of 65,000. This shift in macro expectations and the high probability of central bank tightening have outweighed market optimism regarding a potential US-Iran deal.

Market participants are focusing on key inflation data due later today, November 10, 2026, including the annual Inflation Rate and Core CPI. These releases will be accompanied by scheduled speeches from Federal Reserve officials Waller, Logan, and Bowman.