Julius Baer said a decisive fall below $4,000 an ounce for gold or $50 an ounce for silver could prompt additional selling, particularly by Western investors.
Carsten Menke, head of Next Generation Research at Julius Baer, described the prices as important for market flows rather than assured support levels. The bank kept a constructive view on gold and a neutral view on silver. It pointed to central-bank purchases as a durable source of gold demand with no equivalent for silver.
The U.S. Bureau of Labor Statistics (BLS) reported that the Consumer Price Index for All Urban Consumers rose 0.4% in October from September on a seasonally adjusted basis, after a 0.6% increase in September. The core measure, which omits food and energy, increased 0.3% month over month. BLS said it could not publish most 12-month comparisons because it did not collect October 2025 survey data during a lapse in appropriations.
Before the report, Federal Reserve Governor Christopher J. Waller said he leaned toward a 25-basis-point increase at the December meeting if events unfolded as he expected. He said a 50-basis-point increase should be considered if October core inflation was around 0.3% or higher. The reported monthly core increase was 0.3%.
Reuters reported that the dollar and Treasury yields rose after the inflation release. The agency said the dollar’s advance raised bullion’s cost for buyers using other currencies, while higher Treasury returns widened the yield gap with metals that pay no interest.
Reuters reported that at 9:47 a.m. ET (14:47 UTC) on Nov. 11, spot gold was down 0.41% at $4,014.26 an ounce, $14.26 above Menke’s cited level. Spot silver was up 1.41% at $52.23, or $2.23 above its cited level.
The Federal Open Market Committee’s next scheduled meeting is Dec. 8-9. BLS has scheduled its November CPI release for Dec. 10 at 8:30 a.m. ET (13:30 UTC).
