AGE Daily Gold Update

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

5/15/2026: Yields spike on inflation worries, gold sharply lower

Source: Jim Wyckoff, American Gold Exchange

Austin —

Global bond markets sell off amid problematic inflation concerns. Traders and investors are shedding government bonds around the world, “propelling borrowing costs to multi-year highs from Japan to the U.S. amid intensifying fears that war-driven inflation will force central banks to pursue higher interest rates,” reported Bloomberg today. In the U.S., the yield on two-year Treasuries climbed to 4.06%, a level not seen since March 2025. Japan’s 30-year yield hit 4% for the first time since 1999. A political crisis in the U.K. lifted 30-year gilt yields to a 28-year high.

The key outside markets today see the U.S. dollar index higher, while Nymex WTI crude oil prices are higher and trading around $104.00 a barrel. The yield on the benchmark 10-year U.S. Treasury yield is presently 4.5%.

Gold and silver prices are posting strong losses near midday Friday. Concerns are growing regarding problematic global inflation as the U.S.-Iran was has spiked energy prices and prompted world supply chain disruptions. A higher U.S. dollar index that today hit a five-week high is also a bearish “outside-market” element for the precious metals markets to end the trading week. Gold and silver markets are both headed for technically bearish weekly low closes today. At midday, June gold was last down $127.00 at $4,557.30. July silver prices were down $7.768 at $77.56.

Weak rupee prompts India’s government to restrict gold imports. India’s gold imports are slowing to a trickle as banks and bullion traders grapple with new restrictions aimed at shoring up a weak rupee battered by the Middle East war. “An increased import duty and a curb on volumes have strained gold flows into the world’s second biggest bullion consumer. Domestic prices do not currently reflect the additional costs as some speculators offload their existing stockpiles into the marketplace. However, immediate demand is likely to stay low, according to analysts and traders,” Bloomberg reported today. “The duty increase dwarfs a 4 to 6% increase in local prices. That means it is not currently viable to import and sell — though the gap between the import cost and local prices will reduce over time, said Sunil Kashyap, managing director of FinMet Pte Ltd,” said the report. India, the world’s third-largest oil importer, more than doubled gold and silver tariffs to 15% on Wednesday, as part of a swathe of austerity measures to cushion the economy from the inflationary shock caused by energy disruptions in the Persian Gulf. The nation further tightened rules on Thursday, requiring bullion imports by jewelers and manufacturers under tax-exempted status to be capped to a maximum of 100 kilograms per license. Subsequent imports would be issued only after 50% is exported.

SF Holding Co. is set to open a gold vault in Hong Kong to tap demand for storage as the city pushes forward with plans to become a precious-metals hub. The vault will comprise safe-deposit boxes for high-value assets and a section for precious metals, with a capacity of 50 to 100 tons. SF sees opportunities to tap a storage market that has been growing, thanks to demand from wealthy individuals and to government support.

June gold futures bulls’ next upside price objective is to produce a close above solid resistance at the April high of $4,917.70. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $4,500.00. First resistance is seen at $4,600.00 and then at today’s high of $4,670.10. First support is seen at the May low of $4,510.10 and then at $4,500.00. Wyckoff's Market Rating: 5.0

July silver futures see the next upside price objective for the bulls is closing prices above solid technical resistance at this week’s high of $90.105. The next downside price objective for the bears is closing prices below solid support at the April low of $71.31. First resistance is seen at $80.00 and then at $82.00. Next support is seen at the overnight low of $77.20 and then at $75.00. Wyckoff's Market Rating: 5.5