Gold falls as Waller, Logan harden hike outlook

NEW YORK, Nov. 10, 2026 (GoldSquawk) - Gold fell more than 2% on Tuesday after U.S. October inflation beat forecasts and Federal Reserve officials Christopher Waller and Lorie Logan reinforced expectations for further rate increases, with Reuters linking the slide to a firmer dollar, higher Treasury yields and growing bets on a larger December move.

For bullion traders, the shift kept pressure on a metal that offers no yield. Reuters said the CPI report lifted the dollar and U.S. yields, while the U.S. 10-year real yield, a gauge of gold’s carrying cost, was 2.63% in the most recent Federal Reserve Bank of St. Louis reading.

COMEX gold futures finished Monday at $4,115.00 an ounce and earlier reached $4,123.40 on Tuesday, according to GoldSquawk data.

Waller sets the benchmark

In a speech published by the Federal Reserve Board, Waller said he was “leaning toward supporting” a 25 basis-point increase at the December Federal Open Market Committee meeting even if October inflation improved, but said a 50 basis-point move should be considered if core CPI came in around 0.3% or higher because inflation was “too high” and a smaller step could risk credibility.

Bloomberg also reported at 11:28 UTC that Waller said rates needed to rise to pressure inflation.

At 13:30 UTC, FRED figures showed U.S. CPI rose 0.4% on the month against a 0.3% consensus compiled by Forex Factory, while core CPI rose 0.3% versus a 0.2% forecast. Annual CPI slowed to 3.9% from 4.0%.

AP News said the elevated inflation reading made a December rate increase highly likely, and Reuters said the figures raised the odds of a half-point move next month after Waller had tied that outcome to a 0.3% core CPI reading.

Logan backs more increases

By 15:51 UTC, Bloomberg reported Dallas Fed President Lorie Logan saying rates must rise by at least another 50 basis points and that at least two additional quarter-point increases were needed.

In remarks published by the Federal Reserve Bank of Dallas, Logan said the pace of increases may need to be quicker and that policy remained short of a “modestly restrictive level.”

That added to the message from Waller and the CPI report that investors still faced the risk of tighter policy beyond December. AP News said the inflation figures pushed expectations toward a Fed increase at the December meeting and beyond.

Next reports in view

The next scheduled U.S. inflation checks are the Nov. 13 producer-price reports, where Forex Factory consensus is for monthly gains of 0.4% in headline PPI and 0.3% in core PPI.

Later on Nov. 10, COMEX gold futures settled at $4,030.80 an ounce, according to GoldSquawk data.