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.