Precious Metals Market Update: 7/13/2026

Precious metals sold off across the board on Monday, July 13, 2026, as hawkish Federal Reserve commentary collided with a fresh escalation between the United States and Iran, driving investors toward the U.S. dollar and away from bullion and platinum-group metals alike. Gold fell to an ask price of $4,012.12 per troy ounce, down $119.12, or -2.89%, on the session, while Silver dropped to $58.38 an ounce, a decline of $2.02, or -3.37%. Platinum slid to $1,615.60, down $30.80, or -1.89%, and Palladium eased to $1,271.66, down $27.69, or -2.16%, as the entire complex retreated in tandem rather than showing the divergence between bullion and the platinum-group metals seen in recent sessions. The session's low prices came in well below the day's earlier highs, underscoring how quickly sentiment shifted once the afternoon's headlines crossed the wires.

The principal catalyst was a speech from Federal Reserve Governor Christopher Waller, who said the FOMC would need to consider tightening monetary policy in the near term if this week's core inflation reading comes in hot. The remarks upended weeks of market positioning built around expectations for further policy easing, and swaps markets now assign roughly a 43% probability to a quarter-point rate hike at the Fed's July 28-29 meeting, a marked shift from the near-certainty of steady rates priced in just days earlier. The repricing lifted Treasury yields across the curve, raising the opportunity cost of holding non-yielding assets such as gold and silver and pressuring the platinum-group metals as well, even though platinum and palladium derive more of their value from industrial and automotive-catalyst demand than from the rate-sensitive calculus driving bullion.

Geopolitical developments reinforced the selling. Over the weekend, the United States and Iran exchanged fresh military strikes, with U.S. forces targeting Iranian air-defense systems, coastal radar sites, and missile and drone capabilities, while Iran launched retaliatory attacks against targets in Jordan, Bahrain, Kuwait, and Qatar and struck vessels attempting to transit the Strait of Hormuz. West Texas Intermediate crude oil surged more than 9% on the news to a three-and-a-half-week high, stoking inflation expectations that reinforced the case for tighter monetary policy rather than triggering the safe-haven bid that might normally accompany a Middle East escalation. The U.S. Dollar Index climbed roughly 0.29% on a combination of safe-haven demand for cash, stock market weakness, and inflation-driven rate expectations, adding a second headwind for dollar-denominated metals.

Fund positioning added to the bearish tone. Holdings in gold-backed exchange-traded funds have fallen to a nine-and-a-half-month low, retreating from a three-and-a-half-year high reached in late February, while silver ETF holdings dropped to an eleven-and-a-half-month low from their own multi-year peak. The continued unwinding of long positions accumulated earlier this year suggests investors are reassessing precious metals exposure as the interest rate outlook shifts in a more hawkish direction, adding mechanical selling pressure on top of the fundamental drivers weighing on prices Monday.

For investors evaluating the pullback, Texas Precious Metals offers a full range of physical Gold products, Silver coins and bars, and Platinum bullion to provide exposure to the metal's industrial demand profile. Palladium exposure remains available through spot price tracking as the metal traded alongside the broader complex today rather than decoupling as it has in past sessions. Looking ahead, market participants will be watching this week's core CPI release and the Fed's late-July policy meeting for clarity on the rate path, along with any further developments in the Middle East that could shift the safe-haven calculus for precious metals. With swaps markets now pricing meaningful odds of a hike rather than a cut, the coming weeks of data are likely to remain the key swing factor for gold, silver, platinum, and palladium alike.

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Key Drivers

Fed's Waller Signals Tightening Risk

Federal Reserve Governor Christopher Waller said the FOMC would need to consider tightening monetary policy if this week's core inflation reading comes in hot, upending expectations for further easing. Swaps markets now assign roughly a 43% probability to a quarter-point rate hike at the July 28-29 FOMC meeting.

US-Iran Military Escalation Roils Oil Markets

The United States and Iran exchanged military strikes over the weekend, including Iranian attacks on vessels transiting the Strait of Hormuz. West Texas Intermediate crude surged more than 9% to a three-and-a-half-week high, lifting inflation expectations rather than driving a safe-haven bid into metals.

Dollar and Treasury Yields Rise

The U.S. Dollar Index gained roughly 0.29% on safe-haven demand and inflation-driven rate expectations, while higher Treasury yields across the curve raised the opportunity cost of holding non-yielding gold and silver.

ETF Outflows Continue

Gold ETF holdings fell to a nine-and-a-half-month low and silver ETF holdings to an eleven-and-a-half-month low, as investors continued unwinding long positions built up earlier this year.

Looking Ahead

Core CPI Report This Week

Governor Waller tied the Fed's next policy move directly to this week's core inflation data, making the release a key catalyst for precious metals direction.

FOMC Meeting July 28-29

Swaps markets are now pricing roughly 43% odds of a quarter-point rate hike at the Fed's late-July meeting, a shift investors will continue to monitor closely.

Middle East Developments

Further escalation or de-escalation between the United States and Iran, including the status of the Strait of Hormuz, remains a key swing factor for oil, the dollar, and safe-haven demand.

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Disclaimer: This market update is for informational purposes only and does not constitute financial, investment, or trading advice. Precious metals investing involves risk, and past performance is not indicative of future results. Always conduct your own research or consult a qualified financial advisor before making investment decisions. Prices shown are sourced from texmetals.com and are subject to change.