Gold slips below $4,000 as the dollar hits a 19 month high on Fed rate hike bets, after UK GDP grew 0.7% in the third quarter

FX news today: gold slipped below $4,000 an ounce on Thursday for a third straight session, as a dollar at a 19 month high and a fully priced Fed rate rise in December weighed on the metal. UK GDP, released at 07:00 UK time, showed growth of 0.7% in the third quarter.

Below: how gold and the majors traded after Tuesday's hot US inflation report, what changed in Fed pricing, what the UK GDP figures say for the pound, and the dates still to come in UK time with ET in brackets. Levels for gold and the majors appear in the free Forexuro Telegram channel every trading day.

Gold below the $4,000 level

Spot gold was down 0.2% at $3,981.49 an ounce by 03:10 GMT on Thursday, after touching its lowest level since 4 November, Reuters reported through CNBC. By 05:16 GMT it had slipped to $3,973.13, according to Investing.com, and on our own feed it stood near $3,967 at about 07:00 UK time, against about $4,057 a day earlier. It is the third straight session of losses.

The fall follows US consumer prices rising 0.4% in October against 0.3% expected, with core prices up 0.3% against 0.2% expected. Higher rate expectations raise the cost of holding a metal that pays no interest, which is one of the drivers explained in our guide to what moves the gold price. Ilya Spivak of Tastylive told Reuters the market was "sitting on a critical level" around $4,000. The XAU/USD today page carries the morning desk note, and every closed gold trade is on the XAU/USD results page.

FX news today: the Fed and the dollar

Traders see a fully priced Fed rate rise in December, and the odds of a half point move have grown since Tuesday's inflation data. Fed Governor Christopher Waller had said a 50 basis point rise should be considered if core CPI came in at 0.3% or higher, which it did. Chicago Fed President Austan Goolsbee called the inflation report "borderline disturbing", Investing.com reported. The Fed's target range is 3.75% to 4.00%, and its next decision is on Wednesday 9 December at 19:00 UK time (2:00pm ET). Our guide to the odds of a December Fed rise covers the US side in more detail.

The dollar reached a 19 month high against major peers on Thursday, according to Reuters, and FXStreet reported that the US 10 year yield moved back above 5% on Wednesday. A stronger dollar makes gold more expensive for buyers in other currencies. FXStreet also pointed to Middle East uncertainty as a factor behind dollar demand.

The pound after UK GDP

The Office for National Statistics reported that UK real GDP grew 0.7% in the third quarter, after 0.5% in the second, and was 1.9% higher than a year earlier. Monthly GDP rose 0.2% in September, after no growth in August, which was revised down from 0.1%. Services grew 0.9% in the quarter, while construction fell 0.7%. The figures matched what City analysts expected, according to The Guardian. GBP/USD was near 1.3255 on our feed at about 07:00 UK time, down from about 1.3330 a day earlier.

The Bank of England raised Bank Rate from 3.75% to 4.00% on 5 November, as our report on the November decision explains. The GBP/USD today page has the session levels we watch, and the economic calendar lists every release in UK time.

Dates still to come

London and New York are both on winter time now, so the gap is five hours on every date in the table. For sizing a gold trade when spreads widen around these releases, the gold pip value calculator shows what each dollar of movement is worth.

Follow gold with Forexuro

The free Forexuro Telegram channel posts free signals every trading day, usually between about 05:00 and 15:00 UK time, each with an entry, a stop and three targets. On Tuesday, as gold fell after the inflation report, a gold sell from $4,073 reached all three targets down to $4,023, for +500 pips. VIP is the full package: more signals and alerts, full live management of every trade and priority support on Lifetime, for £99 a month or £549 one time. Trading carries risk, and past results are not a reliable guide to future results.

Official sources

Official pages for the decisions, data and schedules behind this report.

• Office for National Statistics, GDP first quarterly estimate, UK: July to September 2026
• Bank of England, Official Bank Rate history
• Federal Reserve, FOMC meeting calendar

Frequently asked questions

Sources

• CNBC: Gold falls to over one week low on firm dollar, Fed rate hike bets (12 November 2026)
• Investing.com: Gold slips below $4,000 as hawkish Fed bets keep bullion under pressure (12 November 2026)
• FXStreet: Gold holds below $4,000 as USD extends rally on Fed, Mideast risks (12 November 2026)
• The Guardian: UK economy grows by 0.7% in third quarter despite high oil prices (12 November 2026)
• Data for the chart and the price table: Forexuro's hourly price feed, 2 to 12 November 2026.

Keep reading

All market news · Gold signals · XAU/USD results · Economic calendar

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• The odds of a December Fed increase