Gold Falls 2.7%, Brent Jumps to $95.82 in Thursday Session
Key Facts
Spot gold fell 2.7% to $3,880.93 an ounce by 1:53 p.m. Eastern time on Thursday, November 12, after touching its lowest level since October 2025 earlier in the session, Reuters reported. The decline came on a day when Brent crude rose 3.3% to $95.82 a barrel, according to the Associated Press. Reuters linked gold's losses to rising oil prices and growing concerns about higher inflation and interest rates staying elevated for longer. The session's moves thus focused on energy's impact on price and interest-rate expectations, alongside direct pressure on the precious metal. The Brent figures cited are for the Thursday, November 12 session and do not establish oil's closing level on November 13.
Reuters said gold suffered losses for a third consecutive session, falling 3% on Thursday to its lowest level in more than a year. In a later update, the agency reported that spot gold was at $3,880.93 an ounce, down 2.7% by 1:53 p.m. Eastern time. This put the session's losses within a series of consecutive declines, alongside rising oil prices and shifting inflation and interest-rate expectations. Reuters attributed the pressure to fading hopes for peace in the Middle East and the inflation concerns this raised. Its report also cited the prospect of interest rates remaining elevated for longer as a factor weighing on gold.
Reuters quoted Jim Wyckoff, a market analyst at American Gold Exchange, as saying that Tuesday's hot U.S. inflation reading, hawkish comments from Federal Reserve officials during the week and the dollar's rise to its highest level in about 19 months were all weighing on gold. Wyckoff said these factors were "pushing the gold market lower." Data from the Bureau of Labor Statistics showed the U.S. Consumer Price Index rose 0.4% in October, after a 0.6% increase in September. The core index, which excludes food and energy, also rose 0.3% in October for a third consecutive month, following the same rate in August and September. This placed gold's decline in the context of consumer-price data that continued to show monthly increases, as markets remained focused on the inflation trajectory and the Federal Reserve's direction.
Brent's rise coincided with President Donald Trump saying he was no longer interested in a deal with Iran to end the war, a statement the Associated Press linked to higher oil prices. Trump said in a post on his platform: "We don't need a deal with Iran. Those days are long gone." The agency's report said higher oil prices added to inflation concerns as the 10-year U.S. Treasury yield rose to 5.12% on Thursday, from 4.98% at the end of Tuesday, November 10. The yield's move reflected mounting concern that higher energy costs would feed through to prices and that borrowing costs would remain elevated. In markets, the S&P 500 ended the session down 26.98 points at 7,592.40, while Hong Kong's Hang Seng Index fell 1.3% during Thursday's session.
The Associated Press report noted that the most actively traded Brent contract had moved within an approximate range of $70 to $120 a barrel since the U.S.-Israeli war with Iran began in late February. The $95.82 price recorded in Thursday's session fell within that range, which had spanned the past several months amid tensions related to the war. In U.S. inflation data for October, the energy index rose 0.7% after jumping 5.2% in September, while the food index increased 0.5% during the month. This followed a slower rise in the overall index in October than in September, while the core index's increase held at 0.3% for a third consecutive month. The U.S. Bureau of Labor Statistics is scheduled to publish the November Consumer Price Index report on Thursday, December 10, 2026.