AGE Daily Gold Update

AGE Daily Gold Update presents a recap on today's action in the precious metals markets. View archives.

5/13/2026: Gold rises with sharply higher PPI

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold rose 0.4% to close near $4,697 as sharply higher producer prices stoked demand for bullion as an inflation hedge despite increases in bond yields and the dollar. Silver surged 4.4% to finish at $88.89 an ounce.

The producer price index jumped 1.4% in April, the biggest rise in more than four years, as the energy shock driven by the US war on Iran filters through the economy. Prices for chemicals, transportation, and business equipment also surged as spillover effects from higher oil.

On an annualized basis, wholesale prices have surged 6%, double the rate of just four months ago. Consumer inflation typically lags wholesale inflation by several months.

Benchmark 10-year Treasury yields climbed again, hitting the highest level since last July, as bond traders prepare for higher inflation and the possibility of rate hikes from the Fed. Tracking yields, the dollar also rose, adding 0.2% against major rivals.

Ordinarily, higher yields and a stronger dollar weigh on gold and other commodities by increasing the opportunity cost for holding non-yielding assets and by making them more expensive overseas.

But today's trading action broke that pattern as investors hedged against expectations that inflation is marching higher.

The Fed's annual Survey of Household Economic and Decision-making showed 90% of respondents are worried about rising prices. And the survey was conducted in October, long before the US war on Iran ignited much higher inflation.

Platinum and palladium picked up 3.4% and 1.5%, respectively.

At the New York spot close: gold gained $201.0 to $4,697.70; silver climbed $7.76 to $88.89; platinum picked up $73.35 to $2,187.10; and palladium rose $22.60 to $1,512.35 an ounce.

5/12/2026: Gold slips on oil, CPI

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold slipped 0.9% to close under $4,678, pressured by increases in Treasury yields and the dollar as fading ceasefire hopes and sharply higher consumer inflation clouded the outlook for lower interest rates from the Fed. Silver slid 0.4% to finish at $85.13 an ounce.

US benchmark WTI crude rose another 2.8% to nearly $103 per barrel following President Trump's declaration yesterday that peace talks with Iran are "on life support." With the Strait of Hormuz closed, the biggest global energy shock in more than a generation will continue to drive global inflation.

And domestic inflation is already climbing. Consumer prices jumped 0.6% to a 3-year high of 3.8% in April, fueled by sharply higher gasoline and energy costs. The core CPI, minus food and energy, rose 0.4% to 2.8%, a seven-month high.

Adding insult to injury, US electricity prices shot up a whopping 6.1% last month compared to a year earlier, accelerated by voracious demand from AI data centers.

Benchmark 10-year Treasury yields climbed back toward 4.5% on expectations that inflation will continue to rise. While gold is often utilized as a hedge against inflation, it is pressured by rising yields, which increase the opportunity costs for holding it instead of bonds.

Tracking with yields, the dollar added 0.4% against major rivals. A stronger dollar weighs on gold and other commodities by making them pricier in other currencies, limiting demand overseas.

Platinum and palladium dropped 0.6% and 1.6%, respectively.

At the New York spot close: gold eased $41.10 to $4,677.860; silver shed 36 cents to $85.13; platinum dropped 13.40 to $2,113.75; and palladium lost $24.40 to $1,489.75 an ounce.

5/11/2026: Gold down on peace pessimism

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold edged down less than 0.1% to close under $4,719 after President Trump rejected Iran's peace proposal, lifting oil prices, Treasury yields, and the dollar. Silver surged 6.3% to finish at $85.49 an ounce.

Calling the Iranian proposal a "piece of garbage," Trump said the ceasefire is "on life support," suggesting hostilities could soon resume and the Strait of Hormuz will remain closed.

US benchmark WTI crude rose 3% to more than $98 a barrel on the ongoing supply disruptions.

Benchmark 10-year Treasury yields climbed back above 4.4% on expectations that higher oil prices will drive inflation, reducing the chances of a rate cut from the Fed later this year. Higher yields weigh on gold by increasing the opportunity costs for holding it instead of bonds for safety.

Tracking higher with yields, the dollar added 0.1% against major rivals, pressuring gold by making it more expensive overseas.

Platinum and palladium rose 3.9% and 1.1%, respectively.

At the New York spot close: gold dipped $1.70 to $4,718.70; silver surged %5.09 to $85.49; platinum picked up $79.95 to $2,127.15; and palladium added $17.10, to $1,514.15 an ounce.

5/8/2026: Gold scores 2% weekly win

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold gained for a fourth session, adding another 0.4% to close above $4,720 on continuing optimism that peace with Iran could undercut energy-driven inflation, leading to rate cuts from the Fed later this year. Bullion rose 2% this week. Silver added 0.9% to finish at 80.34, posting a weekly rise of 5.8%.

Iran is expected to respond to the latest US proposal later today, allowing US markets to focus on AI profits and upbeat jobs data while hoping for the best in the Middle East.

Oil prices channeled as the market await further word, with US WTI adding 0.5% for just over $95 after trading over $107 earlier this week before peace overtures from the US. The retreat of oil prices lifted gold to its 2% gain this week. Falling oil means less inflation, which in turn means the Fed could lower interest rates later this year, at least in theory.

US payrolls rose more than expected for a second straight month, adding 115,000 new jobs while the unemployment rate held at 4.3%.

On the downside, US consumer sentiment plunged to its lowest level on record as Americans struggle with sharply higher gasoline and energy prices because of the Iran war.

Benchmarks 10-year Treasury yields slipped again on peace hopes, lifting gold by decreasing the opportunity cost for holding it instead of bonds

Tracking lower with yields, the dollar fell for the day and week, draining off all the safe-haven premium acquired during the war. A weaker dollar boosts gold and other commodities by making them cheaper overseas.

Platinum was nearly flat for the day and 2.7% higher for the week. Palladium fell 0.4% today and 2.9% this week.

At the New York spot close: gold gained $20.60 to $4,720.40; silver added 69 cents, to $80.34; platinum dipped 90 cents to $2,047.20; and palladium slipped $6.50 to $1,497.05 an ounce.

5/7/2026: Gold gains for third session

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold gained for a third straight session, adding another 0.4% to close at just under $4,700, as oil fell further on hopes that a lasting peace between the US and Iran may reduce inflationary pressures and nudge the Fed into rate cuts this year. Silver rose 3.8% to finish at $79.70 an ounce.

The US and Iran appear to be on the verge of a temporary, limited truce that would end hostilities and reopen the Strait of Hormuz while leaving the most difficult issues, like Iran's nuclear ambitions, unresolved.

Oil prices tumbled for a second day on the peace-plan hopes, with global benchmark Brent crude falling 4.6% to $96.62 a barrel after dropping nearly 8% on Wednesday.

Under normal circumstances, gold typically trades in sympathy with oil as a hedge against energy-related inflation. But the US war on Iran has inverted that correlation. The extreme energy shock resulting from curtailed oil supply has sharply increased inflation expectations.

The New York Fed reported yesterday that supply-chain pressures created by the Iran war are the worst since 2022, when Covid's impact on supply chains drove inflation over 9%.

As a result, the Fed may be forced to leave interest rates steady or even increase them to control prices. A non-yielding asset, gold suffers when interest rates and bond yields rise, increasing the opportunity cost for holding it instead of bonds for safety.

Tomorrow's release of the government's nonfarm payrolls report should give further clues to the strength of the economy and direction of interest rates.

Platinum was nearly flat while palladium lost 2.4%.

At the New York spot close: gold gained $17.90 to $4,699.80; silver rose $2.89 to $79.70; platinum inched down 60 cents to $2,048.10; and palladium dropped $37.70 to $1,503.55 an ounce.

5/6/2026: Gold jumps on peace prospect

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold jumped 2.8% to close near $4,682, the highest level in more than a week, as optimism about a possible end the US war on Iran drove down oil prices and the dollar while allaying fears of higher inflation and interest rates. Silver surged 5.1% to finish at $76.81 an ounce.

Iran is reportedly weighing a new US peace proposal submitted through Pakistani mediators, and China has begun pressing both parties to end the war. Tehran is expected to respond within two days.

While details are not public, the proposal would likely result in a lifting of the US blockage of Hormuz and sanctions relief if Tehran gives up its uranium enrichment program and meets other constraints.

Oil prices plunged on the peace prospect, with US benchmark WTI crude dropping nearly 7% to $95 per barrel.

Benchmark 10-year Treasury yields retreated to under $4.3% on hopes that peace would lead to lower oil prices and undercut rising inflation, perhaps enabling the Fed to lower interest rates later this year. Lower yields support gold by decreasing the opportunity cost for holding it instead of bonds.

Tracking lower with yields, the dollar dropped 0.4% to its lowest level since the war began. A weaker dollar boosts gold and other commodities by making them less expensive in other currencies, lifting overseas demand.

Platinum and palladium rose 4.3% and 2.3%, respectively.

At the New York spot close: gold gained#126.10 to $4,681.90; silver surged $3.70 to $76.81; platinum rose $84.25 to $2,048.70; and palladium advanced $34.15 to $1,541.25 an ounce.

5/5/2026: Gold gains on bargain-hunting

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold gained 0.8% to close near $4,556 on bargain-hunting as oil prices and Treasury yields slipped on muted hopes that the Middle East ceasefire is unbroken. Silver edged up less than 0.1% to finish at $73.11 an ounce.

One day after the US and Iran exchanged fire in the Strait of Hormuz, prompting President Trump to threaten to blow Iran "off the face of the Earth," the delicate ceasefire between the two nations is holding, according to US Defense Secretary Pete Hesgeth.

Wall Street ran with suggestion, however tenuous, lifting the Dow and S&P 500 by 0.6% and 0.9% while the tech-heavy Nasdaq rose 1% on AI growth.

US benchmark WTI crude fell 4.1% to $102 per barrel on hopes that the Strait could soon reopen, returning 20% of the world's oil supply to the market and easing inflation pressures stemming from the biggest energy-shock in a generation.

Benchmark 10-Year Treasury yields and the dollar both edged down on the shifting inflation optimism, bringing bargain-hunters back to the gold market after bullion slipped to a one-month low yesterday.

Lower yields lift gold by decreasing the opportunity cost for holding it instead of bonds for safety. A weaker dollar supports gold and other commodities by making them less expensive overseas.

Platinum and palladium rose 0.5% and 2.1%, respectively.

At the New York spot close: gold gained $36.30 to $4,555.80; silver added 4 cents, to $73.11; platinum rose $10.70 to $1,964.45; and palladium picked up $31.45 to $1,507.10 an ounce.

5/4/2026: Gold falls on Hormuz hostilities

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold fell 2.4% to close under $4,520 after renewed hostilities in the Middle East cast doubt on a lasting ceasefire and raised bets that the Fed will have to raise interest rates to combat energy-driven inflation. Silver shed 3.8% to finish at &3.07 an ounce.

Iran's Fars News agency reported that two Iranian missiles hit US warships as they escorted vessels through the blockaded Strait of Hormuz, something the US has denied. Separately, the UAE said it parried missile attacks as Iran tightens its control of Hormuz.

The escalating violence lifted US benchmark WTI crude 3.3% to more than $105 per barrel on the prospect of further supply deficits. Around 20% of the global oil supply ordinarily passes through Hormuz.

Bond traders are beginning to prices in higher interest rates from the Fed as one of the biggest energy shocks in history filters into inflation forecasts. Traders now see an 80% chance of a rate increase by April 2027, as opposed to several rate cuts before the US war on Iran.

Benchmark 10-year Treasury yields rose on the hawkish rate outlook, pressuring gold by increasing the opportunity cost for holding it instead of bonds for safety.

Tracking with yields, the dollar added 0.3% against major rivals. A stronger dollar weighs on gold and other commodities by making them more expansive in other currencies.

Platinum and palladium fell 2% and 4.1%, respectively.

At the New York spot close: gold lost $110.40 to $4,510.50; silver shed $2.88 to $73.07; platinum dropped $39.90 to $1,953.75; and palladium fell $63.60 to $1,474.65 an ounce.

5/1/2026: Gold rises on peace hopes

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold gained $15.20 to close near $4,630 as hopes for new ceasefire talks pressured oil prices and raised speculation that the Fed could resume rate cuts this year. Bullion still lost 2% this week on sharply higher oil. Silver surged 3.3% to $75.90 but slipped 0.6% this week.

Tehran has reportedly submitted a new proposal for negotiating the end of the US war on Iran and the reopening of the Strait of Hormuz. No details have been released.

US benchmark WTI crude fell 3% but held above $102 per barrel on hopes that the fragile ceasefire could lead to sustained peace, allowing 20% of the world's oil production to re-enter the market through eh Strait of Hormuz.

The prospect of normalizing in the oil market lowered inflation expectations and increased speculation that the Fed could resume rate cuts sometime this year. Lower rates support gold by suppressing bond yields and lowering the opportunity cost for holding non-yielding assets like gold.

But deep divisions in the Fed render further rate cuts uncertain in the hear-term. At this week's FOMC meeting several members advocated rate hikes because of the unprecedented energy shock stemming from the war. Several others want lower rates soon to help absorb the blow to economy.

Platinum gained 0.7% for a weekly loss of 1.1%. Palladium was flat for the day but rose 2.3% for the week.

At the New York spot close: gold gained $15.20 to $4,629.90; silver climbed $2.42 to $75.95; platinum picked up $14.65 to $1,993.65; and palladium was virtually unchanged at $1,538.25 an ounce.

4/30/2026: Gold rises on falling oil, dollar

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold rebounded 1.5% to close near $4,615 as oil prices retreated from four-year highs and the dollar plunged on yen intervention, boosting alternative stores of value. Bullion still slipped 0.7% in April. Silver surged 2.7% to finish at $73.53 for a monthly decline of 0.2%.

US benchmark WTI crude futures fell 1.4% to $105.25 and global benchmark Brent declined 3.2% to $114.20 after hitting a 2022 high above $126 as traders began to price-in slower global growth, and therefore diminished demand, because of the protracted US war on Iran.

The US and Iran remain far apart on terms that would reopen the Strait of Hormuz, with Donald Trump saying today that he may re-escalate hostilities after telling aids to prepare for an extended standoff. The global price of oil has doubled since the war began.

The dollar tumbled 1% against major rivals and 3% against the yen after the BOJ intervened to prop up its currency. A weaker dollar supports gold and other commodities by making them less expensive in other currencies, lifting demand overseas.

While the Fed is under pressure from Trump to cut interest rates, other major central banks have signaled their openness to raising rates to head off inflation caused by the Iran war oil shock. Higher rates make other currencies more attractive to Forex traders, weakening the dollar.

Data released today showed the PCE price index, the Fed's favorite inflation gauge, jumped 0.7% last month, the biggest rise in four years. Rising inflation has shifted reduced rate cut expectations, propelling gold's 13% decline since the start of the Iran war.

Platinum rose 5% today and 1.5% this month. Palladium added 5.5% for a monthly gain of 3.6%.

At the New York spot close: gold rose $69.50 to $4,614.70; silver surged $1.96 to $73.53; platinum picked up $93.70 to $1,979; and palladium advanced $80.50 to $1,538.95 an ounce.