Gold and silver both climbed on Monday, 9 November 2026, as a weaker dollar and a Wall Street rally took pressure off the metals. The gold fund GLD, a US-listed fund that holds bullion, gained 1.88%, and the silver fund SLV gained 2.71%.
Both metals still sit well below their January highs. GLD is 23.5% below its 29 January peak of US$495.90, while SLV is more than half off its own.
For Latin America this matters directly: Mexico and Peru are the world’s two largest silver producers, so the metal’s swings feed into mining profits, tax receipts and export earnings.
What matters today. The rebound from the 30 October low is intact, but only a softer dollar and calmer US inflation data can turn it into a new uptrend.
01 The session in one read
GLD rose 1.88% on Monday, while SLV rose 2.71%. Silver moved more because it also goes into solar panels and electronics, so it reacts harder when investors feel bold.
The dollar did the lifting. It fell 0.61% on the day, and a cheaper dollar makes metals quoted in dollars less expensive for buyers in euros, pesos or rupees.
Both funds bounced from recent lows, and Monday showed how quickly a softer dollar can lift them. Silver is the more fragile of the two, having lost 11.43% over 20 sessions; the variable to watch is the US inflation report due on Tuesday and what it does to the dollar.
Gold & Silver — the daily wrap.02 The board
GLD closed at US$379.53, which is 6.7% above its 30 October low of US$355.78. SLV closed at US$48.14, which is 7.9% above its 12-month low of US$44.60 from 30 October.
The week mattered more than the day: GLD is up 4.94% over five sessions and SLV 5.64%. Over 20 sessions GLD is almost flat at −0.69%, while SLV is down 11.43%.
Source: RT close, 2026-11-09. The gold and silver spot feed had not yet published Monday’s settled close, so exchange-traded funds are shown as labelled proxies.
Latin America — Cross-Market Board
03 Why it moved
First cause, and the heaviest: the dollar. The dollar index fell 0.61% to 101.68, and gold, which pays no interest, tends to rise when the dollar softens.
Second, fear faded. The VIX, Wall Street’s fear gauge, fell 22.31% to 19.92 while the S&P 500 gained 2.35% to 7,550, which usually reduces demand for safe havens, so the metals’ gains came despite the calm.
The conflicting signal is oil. The oil-tracking fund USO fell 3.87%, so the metals did not rise on a broad commodity bid. Our best reading, with medium confidence, is that the weaker dollar and bargain-hunting after the October slide did the work.
The RT economic calendar, our database of scheduled data releases, listed the October consumer inflation expectation at 16:00 UTC, with a forecast of 3.8% against 3.9% before; the actual figure was not available in our calendar when we published. China’s factory-gate prices, a sign of industrial demand that matters for silver, rose 5.7% year on year in October against 5.3% expected.
04 The trend behind it
GLD hit US$495.90 on 29 January and is 23.5% below it. It has fallen 5.47% over 60 sessions and 0.69% over 20, and sits 6.7% above its 12-month low of US$355.78, set on 30 October.
SLV’s journey is wilder: from US$105.60 on 28 January to US$44.60 at its 12-month low on 30 October, and it is now 54.4% below the peak. It has lost 11.43% over 20 sessions and 17.68% over 60.
This looks like a continuation of the post-January slide, with a rebound inside it. A new uptrend would need the funds to hold above their recent lows while the dollar stops climbing.
05 What it means for Latin America
Mexico was the world’s top silver producer in 2025, with about 172.9 million ounces, roughly a fifth of global supply, according to the 2026 World Silver Survey, which the consultancy Metals Focus prepared for the Silver Institute, the industry body. Its output fell 5%, the third annual decline in a row, so Mexican miners are leaning on price rather than volume.
Peru ranked second with about 130.6 million ounces, up 7%, and China third with about 112.8 million. The top three together mine about half of the world’s silver.
Behind the price sits a real shortage: the 2025 market deficit, where demand outran supply, was 40.3 million ounces, the fifth in a row. Metals Focus expects 46.3 million ounces for 2026, which is why silver’s long-term story is better than its recent chart.
For importers there was a second tailwind: the oil-tracking fund USO fell 3.87% on the day, easing fuel costs across the region.
06 The names to watch
Fresnillo, Mexico’s largest primary silver miner, and Buenaventura, a Peruvian miner of silver and gold, are the most direct listed plays on silver’s direction. Buenaventura rose 3.25% on Monday to US$28.90 in New York.
The US dollar index is the other name to follow. It decides whether metals that pay no interest can keep their rebound.
07 What would end it
The nearest support is the 30 October low for both funds: US$355.78 for GLD and US$44.60 for SLV, with the round numbers of US$360 and US$45 just above them. A close below either low would reopen the January slide.
The next test is the US consumer price report on Tuesday, 10 November at 13:30 UTC, with a forecast of 3.9% year on year against 3.7% before, according to the RT economic calendar. Softer inflation and a weaker dollar would end the pressure; hotter data would extend it.
08 What to watch
What Prediction Markets Say
Polymarket, where users bet real money, lists a market on where gold, priced in US dollars an ounce, will trade in November, with US$110,024 traded as of 8:21 p.m. ET on 9 November 2026. It prices a touch of US$4,200 an ounce at 73.5%, US$4,300 at 46.0% and US$4,400 at 24.5%, and a fall to US$4,000 at 58.0%.
A second market on silver, with US$89,658 traded, prices a touch of US$54 an ounce at 89.7%, US$56 at 60.5% and US$58 at 36.5%, and a fall to US$50 at 48.0%. These prices are bets, not polls, and some price levels in these markets were already reached earlier in the month.
Why we show this: prediction markets turn real-money bets into a live probability that moves within minutes of the news, which is why investors, campaigns and newsrooms in the United States now follow them closely. We show them next to polls and official results, never instead of them.
Frequently Asked Questions
Why did gold rise on Monday, 9 November 2026?
A weaker US dollar and a Wall Street rally helped: the dollar index fell 0.61% to 101.68, and the gold-tracking fund GLD rose 1.88% to US$379.53.
Why is silver so far below its January high?
The silver-tracking fund SLV is 54.4% below its 28 January high of US$105.60, as a strong dollar and fading haven demand since January hit it harder than gold.
Which countries mine the most silver?
Mexico leads with about 172.9 million ounces in 2025, followed by Peru with about 130.6 million and China with about 112.8 million.
Are GLD and SLV the same as the metal price?
No. They are US-listed funds that hold gold and silver, so their prices follow the metals closely but are not the price of an ounce.