AGE Daily Gold Update

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

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.