Gold prices opened the week of November 9, 2026, near $4,030 and touched highs above $4,150 before reversing sharply lower to a low near $3,852 amid hotter-than-expected October CPI data released November 10. The print reinforced expectations for a December Federal Reserve rate hike, with CME FedWatch pricing an 89% chance of a 25-basis-point increase and an 11% probability of 50 basis points. Hawkish comments from multiple FOMC officials, combined with rising 10-year Treasury yields above 5.10% and a firmer dollar, elevated the opportunity cost of holding non-yielding bullion. Geopolitical tensions pushing oil higher added to inflation concerns. Central bank purchases continue to provide a floor, while the November 13 PPI release and upcoming FOMC minutes represent near-term catalysts that could influence further moves.