Gold Slips 1.02% to US$4,045 on Strong Dollar | Gold & Silver, Nov 6
Key Facts
- Silver is still more than half below its peak: it sat 54.9% under its 114.59 high at Thursday’s close of 28 January, while gold is 26.6% under its 5,513 high of the same day.
- Friday’s move was modest but pointed down: gold lost 1.02% to US$4,045 an ounce, while silver’s Friday close is not yet in our data (its latest verified close is US$51.72 from Thursday, and the silver fund SLV slipped 0.13% on Friday).
- The dollar did the damage: the US dollar index rose 0.72% to 102.28, making metals priced in dollars dearer for buyers using other currencies.
- Higher yields added to it: the US 10-year Treasury yield rose 3 basis points to 4.87%, so higher yields added to the pressure.
- The fear bid faded: the VIX, Wall Street’s fear gauge, dropped 9.01% to 25.64 while US shares rose, leaving less reason to hide in metals.
- Our own history leans cautiously upward: after 23 earlier falls of this size, silver was higher 20 sessions later in 16 cases.
Today’s Focus
Gold fell 1.02% on Friday, 6 November 2026, and the silver fund slipped too, as a stronger dollar and renewed worry that US interest rates will stay high pulled money out of metals that pay no interest. Gold is a metal people buy as protection; silver is the same idea with more industrial use, so it swings harder.
The wider picture is still one of a hangover. Silver was down 13.20% over the 20 sessions to Thursday, a steep slide for a metal that doubled in value last year before the January peak.
For Latin America the stakes are real. Mexico is the world’s largest silver miner and Peru is second, so every drop in the price touches mining profits, tax revenue and the stock market.
What matters today. The dollar and the Federal Reserve’s interest-rate path, not fear or war, are now setting the price of gold and silver.
01 The session in one read
Think of gold as a seesaw with the dollar: when the dollar climbs, gold usually sinks. On Friday, 6 November 2026, that is what happened.
The dollar index rose 0.72% after a strong US jobs report: 165,000 new jobs in October against about 65,000 expected, with unemployment down to 4.1% from 4.2%. Traders bet that this will keep the Federal Reserve from cutting rates soon. Gold and silver, which pay no interest, look less attractive when cash and bonds pay more.
The best-supported reading is that a firm US jobs report and a more hawkish Federal Reserve (hawkish means leaning towards higher rates) are lifting the dollar and punishing metals, while the old safe-haven bid is fading. We are fairly sure of the direction, less sure of how much of Friday’s fall was fund selling rather than fresh news; the variable to watch is the dollar index against the 102 area.
02 The board
Gold fell 1.02%. Silver’s own Friday close is not yet in our data, but the silver fund SLV slipped only 0.13%, so the pressure on silver looked milder. Over the five sessions to Thursday silver was down 0.42%, while gold is still up 4.37% over five sessions, so Friday’s drop interrupted a bounce rather than starting a collapse.
The one-day mood elsewhere was calm. The S&P 500 gained 0.31% to 7,377, and oil, tracked by the USO fund at 148.41, rose 0.13%.
| Asset | Level | Change |
|---|---|---|
| Gold | US$4,045/oz | -1.02% |
| Silver (Thursday close; Friday not yet available) | US$51.72/oz | SLV fund -0.13% |
Source: RT close, 2026-11-06. Where a commodity has no spot feed, an exchange-traded tracker or leading producer is shown as a labelled proxy.
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Latin America — Cross-Market Board
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 168,498.45 | +1.39% | +9.89% | 166,191.45 | 169,073 | 165,910 | — |
| IPSA | 10,536.40 | +0.68% | — | 10,465.25 | 10,617 | 10,511 | — |
| IPC MEX | 70,968.43 | -0.17% | +13.16% | 71,087.56 | 71,469 | 70,635 | 145,640,378 |
| MERVAL | 2,848,945 | — | -4.19% | 2,859,051 | — | — | — |
| COLCAP | 2,485.26 | +0.03% | — | — | — | — | — |
| USD/BRL | 5.50 | -0.17% | +2.56% | 5.51 | 5.53 | 5.48 | — |
| EUR/BRL | 6.13 | +0.07% | -0.35% | 6.13 | 6.17 | 6.12 | — |
| USD/MXN | 18.60 | -0.84% | +0.04% | 18.76 | 18.81 | 18.57 | — |
| USD/CLP | 975.74 | -0.29% | +3.43% | 978.59 | 983.51 | 973.55 | — |
| USD/COP | 3,240 | +0.38% | -15.48% | 3,227 | 3,252 | 3,219 | — |
| USD/PEN | 3.44 | -0.15% | +3.80% | 3.45 | 3.46 | 3.42 | — |
| USD/ARS | 1,545 | +0.00% | +6.50% | 1,545 | 1,545 | 1,545 | — |
| USD/UYU | 40.31 | +3.48% | +2.73% | 38.95 | 40.31 | 40.22 | — |
| USD/PYG | 6,358 | +8.23% | -8.70% | 5,875 | 6,358 | 6,358 | — |
| USD/BOB | 11.81 | +0.40% | +75.39% | 11.76 | 11.92 | 11.81 | — |
| USD/DOP | 60.56 | +0.43% | -5.45% | 60.30 | 60.59 | 59.79 | — |
| USD/CRC | 448.27 | +1.89% | -8.45% | 439.97 | 449.63 | 448.27 | — |
| USD/GTQ | 7.64 | +3.24% | +2.07% | 7.40 | 7.64 | 7.64 | — |
03 Why it moved
First and heaviest: the dollar and the rate outlook. A strong US payrolls report on Friday and firm factory data earlier in the week lifted the dollar and yields, and Goldman Sachs cut its year-end gold forecast on Thursday, citing a more hawkish Fed. Confidence in this cause: high.
Second: the fading of safe-haven demand. The VIX fear gauge fell 9.01% on Friday, though it is still 32.03% higher than five sessions ago, so nerves have eased only from a spike. When fear recedes and shares rise, fewer investors pay for protection. Confidence: medium.
The 10-year Treasury yield, normally gold’s main rival, rose 3 basis points to 4.87%, which added to the pressure on metals that pay no interest. A second factor may have been profit-taking after a sharp bounce earlier in the week; we rate that reading medium.
04 The trend behind it
Gold is down 3.61% over 20 sessions and 7.6% over 60 sessions. Silver is down 19.9% over 60 sessions, a far deeper slide.
Both metals touched their 12-month lows on 30 October, at 3,875 for gold and 49.07 for silver. Gold now sits 4.4% above that floor and silver 5.4% above it, so both are hovering close to the bottom.
Our own record since 2007 adds some perspective. Silver has fallen this much in 20 sessions on 23 earlier occasions, and 20 sessions later it was higher in 16 of them, or 70%, with a median gain of 4.5%. The worst case was a further 19.9% fall and the best a 19.1% rise; history is not a forecast.
This looks like a continuation of the post-January unwinding, with violent bounces inside it. Early in the week, Democrats won control of Congress in the US midterm elections, and the rate story has since reasserted itself.
05 What it means for Latin America
Mexico mined 172.9 million ounces of silver in 2025, about one-fifth of the world’s total, according to the Silver Institute and Metals Focus. That output fell 5%, the third annual decline in a row, and a weaker price makes it harder for miners to justify new digging.
Peru ranks second, having raised output 7% to 130.6 million ounces. Much of its silver is a by-product of zinc and lead mining, so its supply depends on base-metal prices as much as on silver’s own.
This year the two countries have diverged: Mexican output is up 1.8% from January to July, while Peru’s is down 2.9%. Separately, output at Mexico’s San Dimas mine fell 41% and the mine was stopped by a strike in mid-October.
For a saver in Mexico City or Lima, a firm dollar means local-currency gold prices fall less than dollar prices when the peso or sol is weak. For governments, lower prices trim royalty and tax income, a small but real hit to budgets.
06 The names to watch
The GLD gold fund closed at 372.52, down 0.79% on Friday and 4.71% higher over five sessions. It is the easiest way for ordinary investors to see how gold behaves day to day.
Mexican and Peruvian silver and zinc producers listed in Toronto, Lima and Mexico City tend to move with silver, with a bigger swing in either direction. Anyone holding them is exposed to the same dollar and rate story.
07 What would end it
The nearest floors are the 30 October lows, 3,875 for gold and 49.07 for silver, with round numbers at 4,000 and 50 acting as psychological markers. Resistance sits far higher, at the January peaks of 5,513 and 114.59.
A decisive fall in the dollar, a weaker US jobs report, or a Federal Reserve that signals cuts at its December meeting would end the squeeze. The market also expects another year of silver shortage, a forecast 46.3 million ounce deficit and the sixth in a row, which gives the metal a cushion if investors return.
The honest answer: the pressure stops when the dollar stops rising. Until then, expect sharp rebounds followed by further tests of the October lows.
08 What to watch
- The dollar: The US dollar index near 102.28; a sustained move lower is the clearest sign that metals can recover.
- The Federal Reserve: Its December meeting and every jobs report before it, because rate-cut hopes drive gold more than anything else now.
- Support levels: A close below the 30 October lows of 3,875 for gold or 49.07 for silver would open a new leg lower.
- Mexican and Peruvian output: Whether San Dimas restarts and whether Peru’s zinc-linked silver recovers, as both shape supply and miners’ earnings.
Frequently Asked Questions
Why did gold and silver fall on Friday?
A stronger dollar and fears that US rates will stay high made the metals less attractive, with gold down 1.02% and the silver fund down 0.13%.
Is silver still in a bear market?
Yes by the usual yardstick: it was 54.9% below its 12-month high at Thursday’s close, though it is also 5.4% above its 30 October low.
Why do Mexico and Peru matter?
Mexico is the world’s top silver producer and Peru is second, so lower prices cut miners’ profits and government tax income in both.
Does a fall mean it will keep falling?
Not necessarily; after 23 earlier falls of this size, silver was higher 20 sessions later in 16 cases, but history is not a forecast.
Market data: The Rio Times
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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