01 The session in one read

Friday, 13 November 2026 was a day of two halves for precious metals. Gold futures edged up 0.1% after a long slide, while silver futures fell 2.6%.

The week was the real story. Gold lost 4.6% in five sessions as traders bet that central banks will keep raising interest rates to fight inflation.

02 The board

Read the board as a tug of war. Gold’s 0.1% gain sits against a 5-session fall of 4.6%, so the pause is small next to the damage already done.

Silver tells the tougher tale: 6.1% lower over five sessions, 14.6% lower over 20 and 28.5% lower over 60. The gold-tracking fund GLD edged up 0.16% on the day to US$355.45, and the silver fund SLV fell 2.2% to US$44.13.

Source: RT close, 2026-11-13 (COMEX futures settlements for gold and silver). Where a commodity has no spot feed, an exchange-traded tracker or leading producer is shown as a labelled proxy.

03 Why it moved

The first and heaviest cause is rising interest rates, with high confidence. The ten-year US Treasury yield, which is the rate the US government pays to borrow for a decade, closed at 5.14% and has risen 31 basis points in five sessions. The RT economic calendar shows why traders stay wary: US producer prices rose 0.3% in October against 0.4% expected, and the core measure rose 0.3%, in line with forecasts, so the data did not argue for lower rates.

The second cause is a firmer dollar, with medium confidence. The dollar index, which measures the dollar against a basket of major currencies, rose 0.23% on the day to 103.41 and is up 1.09% over five sessions. Because gold is priced in dollars, a stronger dollar makes it dearer for buyers elsewhere.

Gold’s flat close goes against both signals, since the dollar rose and yields did not fall. The best-supported reading, at medium confidence, is bargain-hunting just above the one-year low, plus some traders closing bets against gold after a sharp week.

Silver missed that support because it is also an industrial metal. The S&P 500 slipped 0.40% on the day, and the VIX fear gauge rose 3.21% to 19.30, which hurts metals that depend on factory demand.

04 The trend behind it

This is a continuation, not a new phase. Gold futures are about 27% below their late-January peak of about US$5,300 and 15.0% lower over 60 sessions, with Thursday’s one-year low of US$3,885 only 0.1% below Friday’s level.

Silver’s slide is steeper. It is about 58% below its high of just over US$115 in January and has just set a new one-year low, so there is no recent price floor to point to.

05 What it means for Latin America

Mexico is the world’s largest silver producer, so a silver price more than half below its January peak weighs on the revenues of its miners, such as Fresnillo and Peñoles, two Mexican mining groups, and on the mining regions that depend on them. Peru, a major silver and gold producer, faces the same squeeze on companies like Buenaventura and on the mining royalties that feed its budget.

Brazil and Chile are affected more lightly, mainly through gold miners and investors holding metals as a hedge. A firm dollar also tends to pressure Latin American currencies, so local savers who bought gold as protection have seen little relief this week.

For an ordinary traveller or saver the lesson is simple: gold is not a one-way bet, and it falls when interest rates rise.

06 The names to watch

Watch the US Federal Reserve first, because its decisions on borrowing costs drive the yield story. Gold’s recent hardest days came when the dollar and real yields, meaning yields after inflation, rose together.

Among companies, the Latin American silver miners named above are the quickest to react, since their profits rise and fall with the metal. The gold fund GLD, at 355.45, is the simplest way to follow gold’s mood.

07 What would end it

For gold, the line to watch is Thursday’s one-year low settlement of US$3,885, and above it the round US$4,000 mark. A close below the low would signal the slide is deepening, while a recovery above US$4,000 would suggest buyers are back.

For silver, Friday’s US$48.65 settlement is now the one-year low, and the round US$50 level above it is the first resistance. A further close below US$48.65 would open the way to fresh lows.

The thing that would change the picture is a turn in bond yields. If the ten-year yield stops rising from 5.14%, or the next US inflation report and the Federal Reserve’s December meeting calm rate fears, metals should find a floor.

So does it stop? Probably not before yields do, but both metals are already at or near their one-year lows.

08 What to watch

• US ten-year yield: It stands at 5.14%; a further climb is the main threat to both metals.
• The dollar index: At 103.41, a stronger dollar makes gold and silver dearer for non-US buyers.
• Gold at US$3,885: Thursday’s one-year low settlement is the line that decides whether the slide deepens.
• Silver at US$48.65: Friday’s settlement is the new one-year low; a close below it would extend the fall.

What Prediction Markets Say

Polymarket, where users bet real money, lists a market on the Federal Reserve’s December decision, with US$33.0 million traded as of 8:05 p.m. ET, 13 November 2026. It prices a 0.25-point rise at 88.5%, a 0.5-point or larger rise at 7.7%, no change at 2.5%, a 0.25-point cut at 0.4% and a 0.5-point or larger cut at 0.2%.

These prices are bets, not polls. They show traders expect the Fed, the US central bank, to raise interest rates again in December.

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.

Frequently Asked Questions

Why did gold rise while silver fell on Friday?

Gold futures edged up 0.1% on bargain-hunting just above their one-year low, while silver futures fell 2.6% because silver also depends on industrial demand, which suffers when stocks and growth hopes slip.

Why are rising interest rates bad for gold and silver?

Gold and silver pay no interest, so when bonds offer a higher yield, such as the 5.14% on the US ten-year Treasury, investors prefer the bonds.

How far have the metals fallen from their peaks?

Gold futures are about 27% below their late-January high of about US$5,300, and silver futures are about 58% below their January high of just over US$115.

Why does this matter for Mexico and Peru?

Mexico is the world’s largest silver producer and Peru is among the top three, so lower prices cut mining revenue, company profits and tax income.

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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