Global
gold prices fell during the trading session on Wednesday, May 13, 2026, slipping below $4,700 per ounce as hotter-than-expected US inflation raises fears of higher rates for longer.
However the SPDR Gold Trust, the world’s largest gold ETF, posted its third consecutive session of net buying.
At the close, spot gold in New York traded at $4,690 per ounce, down $26.40 from the previous session close, roughly 0.56% lower, according to data from Kitco.
Spot silver traded at $87.62 per ounce, up $0.93, or about 1%.
On the COMEX futures market, the June 2026 gold contract rose 0.4% to settle at $4,706.70 per ounce.
A string of data shows US inflation remains hot, putting downward pressure on gold.
Data from the US Labor Department on Wednesday showed the producer price index (PPI) rising 1.4% in April from the prior month, well above the 0.5% forecast by economists in a Dow Jones survey, and above the 0.7% rise in March after revisions. This was the largest monthly increase since March 2022.
Year over year, April PPI rose 6%, the largest increase since December 2022. Core PPI, which excludes energy and food, rose 1.0% from the previous month, higher than the 0.4% forecast.
These figures provide fresh evidence that higher energy prices driven by the US-Iran conflict are feeding inflationary pressures in the US economy. Earlier this week CPI data from the Labor Department showed the biggest rise in nearly three years, beating expectations.
Rising inflation has cooled expectations that the Federal Reserve will cut rates this year. Markets now expect the Fed to keep rates at 3.5 to 3.75% into 2027. The prospect of higher rates for longer is not supportive for gold, a non-yielding asset.
Inflation remains persistent, so the expectation of higher rates for longer is being reinforced. That is the reason for the downward pressure on gold prices over the last two days, said Peter Grant, a senior strategist at Zaner Metals.
President Trump and a delegation of US officials and business leaders landed in China on the evening of May 13 local time for an official visit on May 14-15. Global investors are watching to see how the visit might affect major issues, including US-China trade tensions and the US-Iran conflict.
In another development on the same day, the US Senate approved Kevin Warsh for the role of Fed chair. Warsh was the nominee of President Trump to replace Jerome Powell, whose term as Fed chair formally ends on May 15.
Additionally gold faced pressure from a firmer dollar and news that India raised import duties on gold.
The Dollar Index rose 0.16%, closing at 98.45.
India raised import duties on gold and silver to 15% from 6% to curb imports and ease pressure on its foreign exchange reserves. India is the world’s second-largest consumer of physical gold.
Grant cautioned that India’s tariff increase could raise concerns about demand and pose a longer-term headwind for gold prices.
However gold was supported as SPDR Gold Trust, the world’s largest gold ETF, has been net buying since the start of the week. In this session the fund bought 1.6 tonnes of gold, lifting its holdings to 1,039.9 tonnes.
In early Asian trading on May 14, gold and silver prices rose modestly. At 6:35 a.m. Vietnam time, spot gold was up 0.15% from the US close, trading at $4,697 per ounce, and silver rose 0.22% to $87.81 per ounce.
That price translates to roughly 149.3 million dong per tael using Vietcombank's USD selling rate, down about 0.7 million dong per tael from the previous morning.
At the same time, Vietcombank quoted USD at 26,099 dong to buy and 26,379 dong to sell, unchanged from the morning prior.
