Gold Fund Falls 1.1% as Silver Fund Edges Up | Gold & Silver, Nov 11
Key Facts
- Gold fund slips: the GLD gold fund closed at US$365.17, down 1.13% on Wednesday, 11 November 2026, and sits 2.6% above its 30 October low.
- Silver fund edges up: the SLV silver fund rose 0.37% to US$46.65, a small bounce after a 7.11% fall over 20 sessions.
- Dollar firms, yields stay high: the dollar index gained 0.60% to 102.84 and the US 10-year Treasury yield stayed near 5%.
- Fear fades: the S&P 500 rose 1.31% to 7,619, and the VIX fear gauge fell 10.12% to 17.49, which cut demand for havens.
- Prediction markets: Polymarket prices a 53% chance that gold touches US$4,100 in November (US$130,403 traded, 7:40 p.m. ET, 11 November).
Today’s Focus
Gold lost ground on Wednesday while silver held steady, as a stronger dollar and a 10-year US yield at 5% made metals that pay no interest less attractive. The pressure follows Tuesday’s hotter-than-forecast US inflation report.
We track both metals through their two biggest exchange-traded funds, GLD for gold and SLV for silver, because the spot feeds for the session closed at different hours and do not line up. The funds close with Wall Street and give one clean reading.
GLD is 26.4% below its January high of US$495.90, while SLV is 55.8% below its own January peak of US$105.60. Both sit within 5% of their 30 October lows.
What matters today. Both funds are close to the floor they set on 30 October, and the next US inflation and Federal Reserve signals will decide whether that floor holds.
01 The session in one read
Think of gold and silver as seesaw partners of the dollar: when the dollar and interest rates rise, they tend to fall. On Wednesday, 11 November 2026, the gold side of the seesaw tilted down while silver held on.
The GLD fund, which holds physical gold, fell 1.13% to US$365.17. The SLV fund, which holds physical silver, rose 0.37% to US$46.65.
Tuesday’s US consumer-price report was hotter than forecast, which fed the idea that the Federal Reserve, the US central bank, will keep rates high or even raise them. That is bad news for metals that pay no interest, because savers can now earn about 5% on a ten-year government bond.
The pattern is the classic one: a firmer dollar and higher yields weighed on gold, while silver, the smaller and more volatile market, bounced a little after a sharp fall. One session proves little, and both funds remain close to their 30 October lows. The variable to watch is the 10-year Treasury yield, since a clear move above 5% would keep both metals on the defensive.
02 The board
Both metals are shown through their exchange-traded funds, which follow the metal price and close with US stock markets. The gold fund fell, the silver fund rose, and neither move was large.
Over five sessions GLD is down 1.97% and SLV down 1.08%. Over 60 sessions the gap is wider: GLD has lost 8.38% and SLV 18.78%.
| Asset | Level | Change |
|---|---|---|
| Gold (GLD fund) | US$365.17 | -1.13% |
| Silver (SLV fund) | US$46.65 | +0.37% |
Source: RT close, 2026-11-11. 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 | 172,060.43 | +0.42% | +9.07% | 171,336.99 | 172,987 | 171,335 | — |
| IPSA | 10,552.02 | -0.43% | — | 10,597.22 | 10,650 | 10,506 | — |
| IPC MEX | 72,419.39 | +0.71% | +11.95% | 71,905.78 | 72,937 | 71,868 | 170,120,058 |
| MERVAL | 2,848,945 | — | -10.97% | 2,859,051 | — | — | — |
| COLCAP | 2,486.39 | -1.65% | — | — | — | — | — |
| USD/BRL | 5.58 | -0.01% | +5.92% | 5.58 | 5.59 | 5.55 | — |
| EUR/BRL | 6.19 | +0.20% | +1.43% | 6.18 | 6.24 | 6.16 | — |
| USD/MXN | 18.62 | -0.04% | +1.62% | 18.63 | 18.63 | 18.58 | — |
| USD/CLP | 982.08 | -0.22% | +4.96% | 984.23 | 986.76 | 981.63 | — |
| USD/COP | 3,288 | +0.40% | -12.49% | 3,274 | 3,288 | 3,280 | — |
| USD/PEN | 3.41 | -0.03% | +3.34% | 3.41 | 3.41 | 3.41 | — |
| USD/ARS | 1,544 | -0.11% | +9.51% | 1,546 | 1,551 | 1,544 | — |
| USD/UYU | 40.52 | +3.70% | +3.21% | 39.07 | 40.52 | 40.43 | — |
| USD/PYG | 6,174 | +1.84% | -11.06% | 6,063 | 6,196 | 6,174 | — |
| USD/BOB | 11.63 | +0.92% | +72.70% | 11.52 | 11.68 | 11.63 | — |
| USD/DOP | 61.08 | +1.13% | -3.95% | 60.40 | 61.08 | 60.90 | — |
| USD/CRC | 446.01 | +1.66% | -8.99% | 438.71 | 446.01 | 445.62 | — |
| USD/GTQ | 7.64 | +3.18% | +1.98% | 7.40 | 7.64 | 7.63 | — |
03 Why it moved
First and heaviest was the dollar and yields. The dollar index rose 0.60% to 102.84 and the 10-year Treasury yield stayed near 5% (4.98% at Tuesday’s close, after a jump of about 10 basis points), because the US bond market was shut for Veterans Day. That makes gold dearer for foreign buyers and less rewarding to hold.
Second was a retreat from safety. The S&P 500 climbed 1.31% to 7,619 and the VIX fell 10.12% to 17.49, so investors had less reason to hide in metals.
Third is the metals’ different personalities: silver is both a store of value and an industrial input, so it swings harder than gold, in both directions. Oil was flat, with the USO fund up 0.01%, so it played no part. Our confidence in this ranking is medium-high.
04 The trend behind it
GLD closed 26.4% below its 29 January high of US$495.90 and 2.6% above its 30 October low of US$355.78. It has lost 2.88% over 20 sessions and 8.38% over 60 sessions.
SLV is the sharper story. It is 55.8% below its 28 January high of US$105.60 and 4.6% above its 30 October low of US$44.60, and it has lost 18.78% over 60 sessions. This looks like a long unwinding of last winter’s rally, not a fresh phase.
05 What it means for Latin America
Mexico is the world’s top silver producer, at 172.9 million ounces in 2025, roughly a fifth of world supply, according to the Silver Institute (the industry body) and Metals Focus (a London metals consultancy). Its output fell 5% that year, the third annual decline.
Peru produced 130.6 million ounces in 2025, up 7%. Much of its silver is a by-product of lead and zinc mining, and Peru’s zinc output fell 22.2% in July, so lower prices land on top of a supply problem.
For ordinary savers in Mexico City or Lima, the lesson is that a stronger dollar eases the pull of precious metals as a hedge. For governments, mining taxes and royalties shrink when prices slip.
06 The names to watch
In Mexico, watch Fresnillo and Industrias Peñoles, the country’s best-known silver producers. In Peru, Buenaventura and Southern Copper are the listed names most tied to metal prices.
The Silver Institute and Metals Focus forecast a 46.3 million ounce supply deficit in 2026, the sixth in a row, meaning demand exceeds mine supply. That gap is the main argument that the sell-off is overdone.
07 What would end it
For gold, the line is the GLD low of US$355.78 from 30 October. A close below it would open a new leg down, while holding it keeps the rebound case alive.
For silver, the line is the SLV low of US$44.60 from the same day. The catalysts are the next US inflation and jobs reports and the Federal Reserve’s December meeting. Does this stop? Only when yields stop rising, and a 10-year yield back below 5% would be the first sign.
What Prediction Markets Say
Polymarket, where users bet real money, lists a market on where gold will trade in November, with US$130,403 traded as of 7:40 p.m. ET on 11 November 2026. It prices a 53% chance that gold touches US$4,100 at some point in the month and a 68% chance that it touches US$3,900. A separate Polymarket market on the Federal Reserve’s December decision, with US$26.2 million traded, prices a 0.25-point rate rise at 85.5%.
These prices are bets, not polls. They show traders see a wide range for gold and expect the Fed to raise rates next month.
Why we show this: prediction markets turn real-money bets into a live probability that moves within minutes of the news, which is why investors, campaigns and newsrooms in the United States now follow them closely. We show them next to polls and official results, never instead of them.
08 What to watch
- US 10-year yield: A move back below 5% would ease pressure on both metals.
- Dollar index: Hold above 102.84 and metals stay heavy; a drop would help.
- GLD and SLV lows: The 30 October lows, US$355.78 and US$44.60, are the key floors.
- Fed December meeting: Rate-hike talk or a pause will set the next direction.
Frequently Asked Questions
Why did gold fall while silver edged up?
The GLD gold fund fell 1.13% to US$365.17 as the dollar and Treasury yields rose. The SLV silver fund rose 0.37% to US$46.65, a small bounce after a long slide.
Where are gold and silver compared with their highs?
GLD is 26.4% below its January high and SLV is 55.8% below its own. Both funds sit within 5% of their 30 October lows.
Why does Mexico matter?
Mexico produced 172.9 million ounces in 2025, around a fifth of the world’s silver, so its miners and public finances are sensitive to the price.
What should a traveller or saver do?
Gold and silver rarely help with day-to-day currency needs. Watch the dollar, because a stronger dollar weighs on metals and also changes what your local currency buys abroad.
Market data: The Rio Times
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error
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