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Gold fell nearly 2.8% on November 12 to around $3,874 after touching a one-year low of $3,852. Several Fed officials sounded hawkish on inflation, and the US Dollar Index rose to about 103.48, near 19-month highs, with futures pricing high odds of a December rate hike.
Stronger dollar and higher rate expectations tighten global financial conditions and raise the cost of dollar-denominated commodity imports for importing countries. Feed buyers in emerging markets may face higher local-currency costs for grains and meals.
fxstreet.comChristian Borjon ValenciaNov 12, 2026After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
