AGE Daily Gold Update

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

4/13/2026: Gold slips on oil, inflation

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold slipped 0.4% to close under $4,743 after peace talks between the US and Iran fell apart over the weekend, causing oil prices to spike higher and inflation expectations to rise. Silver rose 1% to finish at $75.52 an ounce.

After the initial peace talks came to nothing, President Trump announced a military blockade of the Strait of Hormuz to stop Iranian oil from entering the market. Tehran, in turn, threatened retaliation against the oil shipments of its neighbors in the Gulf.

The re-escalation of the US war on Iran immediately drove global benchmark Brent crude 7% higher to more than $100 a barrel.

In ordinary circumstances, sharply higher oil prices would trigger a rally in gold as a hedge against energy-related inflation. But the current market sees this energy-crunch as a global inflationary event that may prompt central banks to raise interest rates. Higher yields weigh on gold by increasing the opportunity cost for holding it instead of bonds for safety.

The IMF and World Bank signaled they will downgrade their forecasts for global growth and raise inflation targets because of the war. Dozens of nations including Germany, Sweden, and Britain, and indicated they will provide relief to citizens because of higher energy costs.

US home sales fell to a none-month low in March due to growing worries about the jobs and rising mortgage costs because of the Iran war.

Platinum added less than 0.1% and palladium rose 2.2%.

At the New York spot close: gold slipped $19.50 to $4,742.40; silver climbed 80 cents to $75.52; platinum added $12.70, to $2,061.80; and palladium advanced $34.15 to $1,569.80 an ounce.