11 min read
On any gold price tracker today, gold reads $4,119.40 an ounce, down 6.79% in three months. That’s the COMEX futures price from Yahoo Finance as of November 10, 2026, and most of the slide comes from a 4.86% 10-year Treasury yield and a firmer dollar, two things that make holding a metal that pays nothing look expensive. Next comes today’s October CPI report. The gold in your account isn’t disappearing, but for three months it has done worse than plain cash.
Key takeaways
- A 6.79% fall in gold futures over three months (Yahoo Finance) means about $679 lost on every $10,000 put into gold back then.
- Cash earning the 3.88% fed funds rate (New York Fed) made roughly $97 over the same three months, so it beat gold by about $776.
- The 10-year Treasury pays 4.86% (Yahoo Finance) while CPI inflation is 3.74% (BLS, September). That’s about 1.1 points of real yield, and gold pays none.
- If you count your money in Korean won, gold lost more than the 6.79% dollar drop, because the won gained 4.44% on the dollar over those three months (Yahoo Finance).
Gold price today: where the tracker numbers stand
Gold futures closed at $4,119.40 an ounce, up 0.12% on the day, down 1.7% over a month and down 6.79% over three months, according to Yahoo Finance. Work that three-month percentage backward and someone who bought then is about $300 an ounce under water.
The daily move tells you something too. On Monday the S&P 500 rose 2.35% and the Nasdaq Composite rose 2.74% as tech stocks came back. Gold went up 0.12%. So it isn’t falling as money returns to stocks, and it isn’t getting much help from anything else either.
Spot price vs futures price: which number is your tracker showing?
Most gold price trackers show one of two figures. The spot price is what an ounce costs for delivery right away. The futures price (the GC=F symbol on Yahoo Finance) is the price agreed today for delivery later, so it carries a small extra cost for storage and financing. They usually sit close together. Just compare like with like: if one app shows spot and another shows futures, part of the gap you see is that carry cost and has nothing to do with the market moving.
Why the 3-month column matters more than the daily tick
A 0.12% day is noise. The 6.79% three-month drop is the story, because it lines up with real changes in rates and currencies over the same stretch. If you only look at the daily number, you’ll react to random swings and miss the trend that’s actually costing you money.
Why is gold down 6.8% in three months?
Short version: the bond market is paying people well to wait, and gold doesn’t pay anything. Two numbers in the ECONOMY data account for most of the slide, and a third doesn’t fit, which tells you something.
Higher bond yields raise the cost of holding gold
The US 10-year Treasury yield is 4.86%, up 3.51% over three months, per Yahoo Finance. Gold pays no interest and no dividend. When a safe government bond pays close to 5%, every ounce of gold has an opportunity cost, meaning the income you give up by holding gold instead of the bond.
The real yield is the cleaner way to see this. It’s the yield minus inflation. Subtract September’s 3.74% CPI inflation (US Bureau of Labor Statistics) from the 4.86% 10-year yield and you get about 1.1 points of real return from a Treasury. That’s a rough figure, since markets use inflation expectations rather than last month’s CPI. The direction is still clear: bonds beat inflation, and gold has nothing to offer against that except price gains.
A stronger dollar made gold pricier for everyone else
Gold is priced in dollars. The US dollar index rose 1.86% over three months to 101.67, and the euro lost 2.86% against the dollar over the same period (Yahoo Finance). When the dollar gets stronger, a buyer in Frankfurt or Seoul has to pay more in their own currency for the same ounce, so demand outside the US gets weaker. That shows up in the dollar price.
The odd part: gold fell even when yields eased this month
This is the part I’d look at hardest. Over the past month the 10-year yield fell 7.18% to 4.86% and the dollar index slipped 0.89%. Normally both help gold. It fell 1.7% anyway.
That was a risk-off month, meaning investors were pulling back from risky assets. The Nasdaq dropped 7.31%, the Nikkei 225 fell 11.63%, Korea’s KOSPI fell 18.65% and bitcoin lost 11.02%, all per Yahoo Finance. When portfolios lose money that fast, people sell whatever they can sell quickly to cover losses or margin calls, and gold trades easily.
I can’t prove from this data that forced selling explains the gap. Nobody knows that yet. The pattern fits, though, and it’s a reminder that gold doesn’t always hold up when stocks crack.
How the macro chain reaches your gold, step by step
A gold price tracker shows you where the chain ends up. Here’s how it gets there, using this week’s numbers:
- Inflation data. CPI inflation was 3.74% in September (BLS). Oil feeds into it with a delay: WTI crude sits at $85.61, down 8.67% this month but up 4.24% over three months. I covered that pass-through in what oil prices mean for you.
- Fed expectations. The effective fed funds rate is 3.88% (New York Fed, November 6). With inflation close to that level, the Fed has little room to cut quickly. Unemployment is a steady 4.1% (BLS, October), and CNBC reported the October jobs report came in strong, so the case for cuts gets weaker still.
- Treasury yields. Fewer expected cuts keep longer-term yields high. The 10-year at 4.86% reflects that.
- The dollar. High US yields pull in foreign money, which supports the dollar index at 101.67.
- The gold price. High real yields plus a firm dollar weigh on a metal that earns nothing.
- Your account. A gold ETF, a coin in a drawer or a jewelry piece all get marked to that same price.
If you want a sense of the next gold move, start with the first link in that chain. Watching the gold chart alone won’t tell you much.
What today’s CPI report means for gold prices
The October CPI report is due Tuesday, November 10. CNBC’s preview calls it a key read on where inflation stood in October, and CoinDesk is treating it as a test for bitcoin too. The number to compare it against is September’s 3.74%.
If inflation runs hotter than 3.74%
A hotter print makes Fed cuts look further away, which tends to push the 10-year yield back up from 4.86% and give the dollar support. For gold, that’s the same headwind that produced the three-month slide. Some people buy gold expecting it to rise with inflation, but in the short run a hot CPI usually hurts gold because of what it does to rates.
If inflation cools
A softer number would add to this month’s drop in yields and could weaken the dollar further. That’s the setup where gold has usually done better. This month is the warning, though: yields fell 7.18% and gold still lost ground because stocks were being sold hard. Cooler inflation helps gold only if the selling in other markets calms down as well.
The levels that decide it
I’m not giving a price target. I’d watch three levels. The 10-year yield against 4.86%: a move back above roughly 5.2%, where it sat a month ago, would bring back the pressure. The dollar index against 101.67. And the gap between the 3.88% fed funds rate and CPI: if that gap widens, cash pays more in real terms and gold looks less attractive.
What a 6.8% gold drop means for $10,000
Say you put $10,000 into gold three months ago. At a 6.79% fall, you’re down about $679. Had you bought a month ago instead, the 1.7% drop would cost you about $170.
Now the comparison that stings. The same $10,000 earning the 3.88% fed funds rate for a quarter would have made about $97 before tax. Plenty of savings accounts pay less than the fed funds rate, so your real figure may be lower, but the gap between cash and gold is still about $776 in three months. Holding gold has a cost even in a quarter when nothing dramatic happens.
Same gold, different loss: euros, yen and won
Your actual loss depends on the currency you spend. Using Yahoo Finance’s three-month currency moves:
- In dollars, gold fell 6.79%.
- In euros, about 4.0%, because the euro weakened 2.86% against the dollar, which softened the drop.
- In yen, roughly the same as in dollars, since USD/JPY barely moved (+0.05%, at 157.96).
- In Korean won, noticeably more than 6.79%, because the dollar fell 4.44% against the won (to 1,344.48). A Seoul investor took the gold drop and a currency loss on top of it.
Most trackers show prices in dollars. If your bills are in euros or won, set your tracker to that currency, or you’re looking at a figure that doesn’t match your real gain or loss.
Gold vs stocks, bitcoin and cash: the 3-month scoreboard
Gold is usually sold as the calm asset in a portfolio. Here’s how it compares with the obvious alternatives, using Yahoo Finance prices as of November 9-10 and the New York Fed rate for cash.
| Asset | Last | 1 day | 1 month | 3 months |
|---|---|---|---|---|
| Gold (per oz) | $4,119.40 | +0.12% | -1.70% | -6.79% |
| S&P 500 | 7,549.94 | +2.35% | -3.30% | -2.62% |
| Nasdaq Composite | 25,253.14 | +2.74% | -7.31% | -5.08% |
| Bitcoin | $74,454.96 | -0.17% | -11.02% | +16.50% |
| WTI crude (per barrel) | $85.61 | -1.43% | -8.67% | +4.24% |
| Cash at fed funds rate | 3.88% a year | n/a | n/a | about +0.97% |
| US dollar index | 101.67 | +0.02% | -0.89% | +1.86% |
| US 10-year yield | 4.86% | +0.10% | -7.18% | +3.51% |
A few things stand out. Over three months gold did worse than the S&P 500 and the Nasdaq, so it didn’t act as a cushion. Bitcoin is the only big winner over three months at +16.5%, but it also lost 11.02% in the last month, roughly six times gold’s monthly loss. That swing is the price of its upside. If you hold an index fund, my S&P 500 index fund explainer works through what a dip like the recent 3.3% does to a typical position.
Is gold still a safe haven? Risks and common mistakes
Gold is safe in one specific way. It can’t go to zero the way a single company can, and nobody can print more of it. Its price can still fall hard for months, and it’s fallen 6.79% in a quarter when stocks fell less. Here are the mistakes I see most, including a couple I made in my own early years of investing.
Chasing the daily tick
A tracker that refreshes every few seconds makes small moves feel urgent. On Monday gold moved 0.12%. Trading on moves that size mostly pays the dealer’s spread and fees, and the rate trend that actually moves gold barely shows up in a single day.
Assuming gold always rises when stocks fall
This month disproves it. Stocks in Tokyo and Seoul fell double digits, bitcoin fell 11.02%, and gold still lost 1.7%. In a fast sell-off, gold can be one of the things people sell to raise cash. If you’re counting on gold to hedge your retirement account, look at how a drawdown actually hits your balance first. I walked through that math in what a 5% stock market fall costs your 401(k).
Paying too much over the tracker price
The number on your tracker is a wholesale market price. Coins, small bars and jewelry sell above it, and when you sell back to a dealer you usually get less than it. On a small purchase, the gap between buying and selling can wipe out months of price gains, so check the buy and sell quotes before you commit.
Forgetting gold pays nothing
With the 10-year Treasury at 4.86% and fed funds at 3.88%, gold has to rise faster than those rates just to keep up with safe alternatives. Over the last three months it went the other way.
What I’d watch next on the gold price tracker
Today’s CPI release is the first thing. Compare it with September’s 3.74%. If it comes in hotter, expect more pressure from rates. If it’s softer, gold gets some room, as long as stocks steady.
After that, I’d keep the 10-year yield and the dollar index next to the gold quote on my screen. The 10-year is at 4.86% and the dollar index at 101.67. If both start falling and gold still doesn’t rise, that would suggest the selling has causes beyond rates, and I’d want to understand those before adding any gold. The next jobs report matters too: unemployment at 4.1% and strong hiring give the Fed reason to keep the 3.88% rate where it is.
Oil at $85.61 is the slow one. Its 8.67% drop this month could pull future inflation readings lower, which would eventually help gold through lower yields. That takes months to work through, not days.
This is not financial advice. Do your own research before you put money anywhere, gold included.
FAQ
What is the gold price today?
Gold futures traded at $4,119.40 an ounce on November 10, 2026, according to Yahoo Finance. That’s up 0.12% on the day, down 1.7% over a month and down 6.79% over three months. Spot prices on other trackers will differ slightly because futures include storage and financing costs.
Why is gold going down right now?
Mostly because of high interest rates and a firmer dollar. The 10-year Treasury yield rose 3.51% over three months to 4.86%, and the dollar index rose 1.86% to 101.67, per Yahoo Finance. Both make gold, which pays no interest, less appealing. In the past month gold also fell during a broad sell-off in stocks and crypto.
Does inflation make gold go up?
Over long periods gold has a reputation as an inflation hedge, but over months the link usually runs through interest rates. A hot inflation report tends to keep the Fed from cutting and keeps yields high, which can push gold down. That’s why today’s CPI number, measured against September’s 3.74%, matters for gold in the short term.
How do interest rates affect gold prices?
Higher rates raise the opportunity cost of holding gold, because you give up the interest a bond or savings account would pay. With the effective fed funds rate at 3.88% (New York Fed) and the 10-year at 4.86%, that cost is substantial right now. When yields fall, the cost shrinks and gold usually gets support.
Is gold a good hedge against a stock market crash?
Sometimes, but this month it wasn’t. The Nasdaq fell 7.31% and the KOSPI fell 18.65% over the past month, and gold still lost 1.7%. In fast sell-offs investors often sell liquid assets like gold to raise cash, so it may not cushion you at the moment you need it most.
What’s the difference between spot gold and gold futures?
Spot is the price for immediate delivery. Futures are contracts for delivery at a later date, so they usually trade a little above spot to cover storage and financing. Many trackers, including the GC=F quote on Yahoo Finance, show the front-month futures price, so check which one you’re looking at before comparing sources.
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Sources cnbc.com · coindesk.com
This article is for information only and is not financial advice. Crypto assets are volatile; you can lose all of your money.