Gold Declines to $3,973 as US Inflation Raises Expectations of December Fed Rate Increase
Published . Updated .
Key takeaways
- Gold prices extended their decline on Thursday, November 12, 2026, falling below $4,000 per ounce as higher-than-expected US inflation and Federal Reserve commentary increased expectations of another interest rate increase in December.
- Exposed: GLD, GDX, TLT, TIP, NEM
- Market reaction: GDX −3.9% on the day; GLD −2.8% on the day; NEM −4.9% on the day
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Gold prices extended their decline on Thursday, November 12, 2026, falling below $4,000 per ounce as higher-than-expected US inflation and Federal Reserve commentary increased expectations of another interest rate increase in December. At 00:16 ET (05:16 GMT), spot gold declined
Directly affected
- No company is named in this report.
Indirectly affected
- GLD SPDR Gold Shares-3.5% 17d
SPDR Gold Shares: it follows gold or gold miners. Linked by “gold” (gold) in this story.
- GDX VanEck Gold Miners ETF-10.5% 30d
VanEck Gold Miners ETF: it follows gold or gold miners. Linked by “gold” (gold) in this story.
- TLT iShares 20+ Year Treasury Bond ETF+0.2% 17d
iShares 20+ Year Treasury Bond ETF: Treasury bond prices move with interest-rate expectations. Linked by “fed” (US interest rates) in this story.
- TIP iShares TIPS Bond ETF+0.7% 17d
iShares TIPS Bond ETF: it is a common hedge when prices rise. Linked by “inflation” (inflation and prices) in this story.
- NEM Newmont-11.5% 30d
Newmont (gold and silver ores): gold miners' profits move with the gold price. Linked by “gold” (gold) in this story.
- JPM JPMorgan Chase-1.4% 30d
JPMorgan Chase (national commercial banks): rate changes move lenders' margins and borrowers' demand. Linked by “fed” (US interest rates) in this story.
- AEM Agnico Eagle Mines-7.1% 30d
Agnico Eagle Mines (gold and silver ores): gold miners' profits move with the gold price. Linked by “gold” (gold) in this story.
- BAC Bank of America-12.4% 30d
Bank of America (national commercial banks): rate changes move lenders' margins and borrowers' demand. Linked by “fed” (US interest rates) in this story.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| GLD | +2.83% | +3.93% | base | -2.83% | after close | after close | after close |
| GDX | +0.60% | +7.30% | base | -3.93% | after close | after close | after close |
| TLT | +1.21% | +1.27% | base | -1.49% | after close | after close | after close |
| TIP | +0.93% | +0.72% | base | -0.46% | after close | after close | after close |
| NEM | +1.08% | +5.62% | base | -4.91% | after close | after close | after close |
| JPM | -1.72% | -0.42% | base | -0.17% | after close | after close | after close |
| AEM | +1.57% | +7.96% | base | -4.10% | after close | after close | after close |
| BAC | -1.69% | -0.16% | base | -0.24% | after close | after close | after close |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
Gold Declines to $3,973 as US Inflation Raises Expectations of December Fed Rate Increase Yahoo Finance
Source: Yahoo Finance
The price since 12 Nov 2026: Spdr Gold Trust (GLD) versus the S&P 500
| Company | When | Move | Status |
|---|---|---|---|
| Agnico Eagle Mines (AEM) | that day | -4.10% | final price |
| Agnico Eagle Mines (AEM) | three days earlier | +7.96% | final price |
| Agnico Eagle Mines (AEM) | five days earlier | +1.57% | final price |
| Bank Of America (BAC) | that day | -0.24% | final price |
| Bank Of America (BAC) | three days earlier | -0.16% | final price |
| Bank Of America (BAC) | five days earlier | -1.69% | final price |
| Vaneck Etf Trust (GDX) | that day | -3.93% | final price |
| Vaneck Etf Trust (GDX) | three days earlier | +7.30% | final price |
| Vaneck Etf Trust (GDX) | five days earlier | +0.60% | final price |
| Spdr Gold Trust (GLD) | that day | -2.83% | final price |
| Spdr Gold Trust (GLD) | three days earlier | +3.93% | final price |
| Spdr Gold Trust (GLD) | five days earlier | +2.83% | final price |
| Jpmorgan Chase (JPM) | that day | -0.17% | final price |
| Jpmorgan Chase (JPM) | three days earlier | -0.42% | final price |
| Jpmorgan Chase (JPM) | five days earlier | -1.72% | final price |
| Newmont (NEM) | that day | -4.91% | final price |
| Newmont (NEM) | three days earlier | +5.62% | final price |
| Newmont (NEM) | five days earlier | +1.08% | final price |
| Ishares Tr (TIP) | that day | -0.46% | final price |
| Ishares Tr (TIP) | three days earlier | +0.72% | final price |
| Ishares Tr (TIP) | five days earlier | +0.93% | final price |
| Ishares Tr (TLT) | that day | -1.49% | final price |
| Ishares Tr (TLT) | three days earlier | +1.27% | final price |
| Ishares Tr (TLT) | five days earlier | +1.21% | final price |
Trades by members of Congress and officials in the stocks in this story
- Donald J Trump, an executive branch official, bought Newmont (NEM), worth $1,001 - $15,000 on 24 Aug 2026. That is 80 days before publication. Filed 8 Oct 2026. View the filing.
- Rep. Rohit Khanna bought Jpmorgan Chase (JPM) (held by a dependent child), worth $1,001 - $15,000 on 15 Oct 2026. That is 28 days before publication. Filed 5 Nov 2026. View the filing.
- Rep. Rohit Khanna bought Jpmorgan Chase (JPM) (held by a spouse), worth $100,001 - $250,000 on 8 Oct 2026. That is 35 days before publication. Filed 5 Nov 2026. View the filing.
- Sen. Sheldon Whitehouse sold Jpmorgan Chase (JPM) (held by a spouse), worth $15,001 - $50,000 on 4 Sep 2026. That is 69 days before publication. Filed 1 Oct 2026. View the filing.
- Rep. Rohit Khanna bought Bank Of America (BAC) (held by a spouse), worth $1,001 - $15,000 on 20 Oct 2026. That is 23 days before publication. Filed 5 Nov 2026. View the filing.
- Rep. Rohit Khanna sold Bank Of America (BAC) (held by a dependent child), worth $1,001 - $15,000 on 13 Oct 2026. That is 30 days before publication. Filed 5 Nov 2026. View the filing.
- Rep. Rohit Khanna sold Bank Of America (BAC) (held by a spouse), worth $1,001 - $15,000 on 9 Sep 2026. That is 64 days before publication. Filed 7 Oct 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
Who gains and who loses around Spdr Gold Trust (GLD)
Companies tied to this story
- GLD Spdr Gold Trust
Spdr Gold Trust (GLD) is linked, with no stored direction, medium confidence in the 12 Nov 2026 story “Gold Declines to $3,973 as US Inflation Raises Expectations of December Fed Rate Increase.” Reason on file: SPDR Gold Shares: it follows gold or gold miners. Linked by “gold” (gold) in this story
- GDX Vaneck Etf Trust
Vaneck Etf Trust (GDX) is linked, with no stored direction, medium confidence in the 12 Nov 2026 story “Gold Declines to $3,973 as US Inflation Raises Expectations of December Fed Rate Increase.” Reason on file: VanEck Gold Miners ETF: it follows gold or gold miners. Linked by “gold” (gold) in this story
- TLT Ishares Tr
In “Gold Declines to $3,973 as US Inflation Raises Expectations of December Fed Rate Increase,” Ishares Tr (TLT) is linked, with no stored direction, medium confidence. Reason on file: iShares 20+ Year Treasury Bond ETF: Treasury bond prices move with interest-rate expectations. Linked by “fed” (US interest rates) in this story
- TIP Ishares Tr
In “Gold Declines to $3,973 as US Inflation Raises Expectations of December Fed Rate Increase,” Ishares Tr (TIP) is linked, with no stored direction, medium confidence. Reason on file: iShares TIPS Bond ETF: it is a common hedge when prices rise. Linked by “inflation” (inflation and prices) in this story
- NEM Newmont
In “Gold Declines to $3,973 as US Inflation Raises Expectations of December Fed Rate Increase,” Newmont (NEM) is linked, with no stored direction, medium confidence. Reason on file: Newmont (gold and silver ores): gold miners' profits move with the gold price. Linked by “gold” (gold) in this story
- JPM Jpmorgan Chase
In “Gold Declines to $3,973 as US Inflation Raises Expectations of December Fed Rate Increase,” Jpmorgan Chase (JPM) is linked, with no stored direction, medium confidence. Reason on file: JPMorgan Chase (national commercial banks): rate changes move lenders' margins and borrowers' demand. Linked by “fed” (US interest rates) in this story
- AEM Agnico Eagle Mines
Agnico Eagle Mines (AEM) is linked, with no stored direction, medium confidence in the 12 Nov 2026 story “Gold Declines to $3,973 as US Inflation Raises Expectations of December Fed Rate Increase.” Reason on file: Agnico Eagle Mines (gold and silver ores): gold miners' profits move with the gold price. Linked by “gold” (gold) in this story
- BAC Bank Of America
In “Gold Declines to $3,973 as US Inflation Raises Expectations of December Fed Rate Increase,” Bank Of America (BAC) is linked, with no stored direction, medium confidence. Reason on file: Bank of America (national commercial banks): rate changes move lenders' margins and borrowers' demand. Linked by “fed” (US interest rates) in this story
Spdr Gold Trust (GLD)
The 12 Nov 2026 story “Gold Declines to $3,973 as US Inflation Raises Expectations of December Fed Rate Increase” names Spdr Gold Trust (GLD) because of this story.
What ties Spdr Gold Trust (GLD) to the headline is this: SPDR Gold Shares: it follows gold or gold miners. Linked by “gold” (gold) in this story
Also listed, Vaneck Etf Trust (GDX): VanEck Gold Miners ETF: it follows gold or gold miners. Linked by “gold” (gold) in this story
Price levels for Spdr Gold Trust (GLD)
GDX traded between 78.92 and 89.70 across 20 sessions. The latest close on file is 83.13. GLD traded between 373.41 and 385.21 across 15 sessions. The latest close on file is 379.67. TLT traded between 76.44 and 80.56 across 15 sessions. The latest close on file is 79.46.
What the saved facts support for Spdr Gold Trust (GLD)
46 out of 100
“Gold Declines to $3,973 as US Inflation Raises Expectations of December Fed Rate Increase” scores 46 out of 100. The score uses 1 sources, and 8 linked companies.