Gold and silver both slid on Tuesday, November 10, 2026. The gold fund GLD, a fund that holds physical gold, fell 2.68% to US$369.36, while the silver fund SLV fell 3.45% to US$46.48.
The trigger was American inflation. A consumer-price reading above forecasts lifted the dollar and bond yields, which hurts gold because it pays no interest.
Both funds had rallied over the previous five sessions, GLD by 2.81% and SLV by 3.66%, so Tuesday took back part of that bounce.
Both metals are still well below January’s records, and both funds sit only a few percent above their 30 October lows.
What matters today. The slide interrupts a recovery from the October lows, and the next inflation number decides whether the lows hold.
01 The session in one read
Think of gold as a cautious saver and silver as an excitable trader. On Tuesday, November 10, 2026 both sold, and the trader sold harder.
The gold fund lost 2.68% and the silver fund lost 3.45%. We use these funds as our measure of the day because they trade in New York until the close, while quotes for the metals themselves are patchier.
The cause was US inflation, which came in above forecasts. Hotter prices make it likelier that the Federal Reserve, America’s central bank, raises interest rates, and high rates make non-interest-paying metal less attractive.
Oil limited the broader inflation worry. The oil fund USO fell 0.85%, a small relief for the inflation story.
The evidence points to the dollar and US interest rates rather than a loss of faith in metals: the dollar index rose 0.55%, the 10-year yield rose 10 basis points to 4.99% and the VIX fear gauge fell 2.31% to 19.46, so this was not a panic. Both funds are still higher than five sessions ago.
The variable to watch is the US 10-year yield, because a sustained move above 5% would again pressure both metals.
Gold & Silver — the daily wrap.02 The board
The gold fund GLD closed at US$369.36, down 2.68%, and the silver fund SLV at US$46.48, down 3.45%. Silver is thinner and swings roughly twice as hard as gold in both directions, which explains the gap.
Elsewhere, the S&P 500 slipped 0.38% to 7,521. The US dollar index gained 0.55% to 102.22, and the oil fund USO fell 0.85% to 141.45.
Source: RT close, 2026-11-10. Exchange-traded funds are shown as labelled proxies for the metals.
Latin America — Cross-Market Board
03 Why it moved
Cause one, high confidence: the dollar and the inflation surprise. A stronger dollar makes gold and silver pricier for anyone holding euros, pesos or reais. Hotter US prices also revived talk of a Federal Reserve rate rise in December.
RT economic calendar: the US consumer price index (CPI s.a., seasonally adjusted) for October rose 0.4% from September against a forecast of 0.3%, and the Core Inflation Rate, which leaves out food and energy, rose 0.3% against a forecast of 0.2%. The US Bureau of Labor Statistics (bls.gov) published both at 13:30 UTC; the Cleveland Fed’s separate median CPI reading, previously 0.2%, was also due and we do not have its result.
Cause two, medium confidence: higher yields. The 10-year Treasury yield rose 10 basis points to 4.99%, and a basis point is one hundredth of a percentage point. Metals pay no interest, so they lose ground when government bonds pay more.
The conflicting signal is calm in the broader market. The VIX fell and the oil fund slipped, so investors were not running from risk, they were repricing interest rates.
Silver’s bigger fall is simply its habit: it is thinner than gold and swings roughly twice as hard in both directions, and it is also priced by industrial buyers.
04 The trend behind it
The gold fund is 25.5% below its 12-month high of 495.90, set on 29 January, and 8.9% lower over 60 sessions. It is 2.81% higher over five sessions, so the latest week has been a recovery from the 30 October low of 355.78.
The silver fund has fallen further. It is 56.0% below its 12-month high of 105.60 on 28 January and 13.1% lower over 20 sessions, though it is 3.66% higher over five sessions.
This is a continuation of the post-January unwinding, with a first attempt at a floor. Neither fund has yet broken its autumn pattern of lower highs.
05 What it means for Latin America
Mexico is the world’s top silver producer. The Silver Institute, the industry’s research body, puts its 2025 output at 172.9 million ounces, about 5% lower than a year earlier.
Peru, another big producer, mined about 130.6 million ounces. A firmer silver price helps mining tax receipts and export income in both countries.
The same institute projects a 2026 market deficit of 46.3 million ounces, meaning demand exceeds supply, which would be the sixth straight deficit.
For savers in the region, a stronger dollar means local-currency prices of gold fall less than the dollar price suggests, or even rise.
06 What to make of the funds
The gold fund GLD and the silver fund SLV are proxies, not the metals themselves, so their moves can differ slightly from the spot price of an ounce. We use them because their closing prices are verifiable.
Silver is the more volatile of the two. It fell 13.1% over 20 sessions, against 3.2% for gold, so the same shock hurts it more.
07 What would end it
The levels are clear. Support for the gold fund is the 30 October low of 355.78, and resistance is the 379.53 close of Monday, 9 November, above which the January peak of 495.90 is far away.
The silver fund’s floor is 44.60, the same 30 October low, and its January high of 105.60 is out of sight.
The catalysts are the next US inflation report and the next Federal Reserve meeting, where rate-hike talk would revive the dollar and the 10-year yield. Only if inflation cools and the dollar index slips back from 102.22 does the pressure stop.
08 What to watch
What Prediction Markets Say
Polymarket, where users bet real money, runs a market on how far the gold price moves in November, with US$116,958 traded as of 7:57 p.m. ET, 10 November 2026. It prices a dip to US$4,000 at 88.5%, a dip to US$3,900 at 50.0% and a rise to US$4,200 at 41.0%.
A separate silver market (US$102,809 traded) prices a dip to US$50 at 76.5% and a rise to US$54 at 62.6%. A Fed market (US$24.9 million traded) prices a 0.25-point rise in December at 85.5%, a 0.5-point or larger rise at about 11% and no change at 3.6%.
These prices are bets, not polls. They show traders expect more Fed tightening, which is the main weight on metals.
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 and silver both fall on Tuesday?
US consumer prices rose faster than forecast, which lifted the dollar and US bond yields. The gold fund GLD fell 2.68% and the silver fund SLV fell 3.45%.
How far are gold and silver from their highs?
The gold fund is 25.5% below its January high and the silver fund is 56.0% below its January high.
Why does a stronger dollar hurt metals?
Metals are priced in dollars, so a firmer dollar makes them dearer for buyers in other currencies.
Who mines the most silver?
Mexico leads at 172.9 million ounces, according to the Silver Institute, the industry’s research body, with Peru at about 130.6 million.