# Gold and silver are supposed to protect against inflation. So why are both metals tumbling instead?

> Gold and silver have slumped this year, with gold falling from a peak near $5,500 at the start of the year to around $4,000. Interest rates and the dollar have risen since Nov. 6 after jobs, CPI and PPI reports pointed to a strong labor market and sticky inflation.

- Date: 2026-11-15 · published 2026-11-15T18:15:30.502Z
- Category: macro · region US · magnitude medium
- Page: https://feedsoft.ai/events/101552-gold-and-silver-are-supposed-to-protect-against-inflation-so-why-are-both
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Expectations of Fed rate hikes are lifting the dollar, which weighs on dollar-priced commodities and can make US feed ingredients less competitive abroad. Buyers should expect firmer dollar pressure on grain and oilseed prices while rate expectations hold.

## Read by commodity

- DXY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2020-09-23 | [Gold and Silver Hit by Hawkish Fed Boost to Dollar - Markets Insider](https://feedsoft.ai/events/51033-gold-and-silver-hit-by-hawkish-fed-boost-to-dollar-markets-insider.md) | +0.8% | -1.4% |
| DXY | 2026-03-18 | [Gold Tumbles as Powell’s Inflation Concerns Dash Easing Bets](https://feedsoft.ai/events/20074-gold-tumbles-as-powell-s-inflation-concerns-dash-easing-bets.md) | +0.2% | -1.2% |
| DXY | 2025-04-03 | [With tariff details in hand, Fed now has to weigh inflation risks against blow to growth \| Reuters](https://feedsoft.ai/events/25043-with-tariff-details-in-hand-fed-now-has-to-weigh-inflation-risks-against-blow.md) | +0.2% | -3.0% |
| DXY | 2022-10-19 | [Dollar gains with Treasury yields, sterling tumbles on hot inflation](https://feedsoft.ai/events/39400-dollar-gains-with-treasury-yields-sterling-tumbles-on-hot-inflation.md) | -0.4% | -3.6% |
| DXY | 2024-04-25 | [Dollar sags after mixed US growth and inflation report, except against yen](https://feedsoft.ai/events/30903-dollar-sags-after-mixed-us-growth-and-inflation-report-except-against-yen.md) | +0.1% | -1.1% |

## Sources

- morningstar.com: https://www.morningstar.com/news/marketwatch/2026111586/gold-and-silver-are-supposed-to-protect-against-inflation-so-why-are-both-metals-tumbling-instead

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.