Precious Metals Market Update: 8/13/2026

Gold pulled back Thursday, slipping to $4,362.02 per ounce, down $57.57, or 1.31%, on the session. The metal's bid stood at $4,340.02 against an ask of $4,362.02, with intraday trading ranging between a low of $4,351.02 and a high of $4,351.56. The retreat snaps a four-session run above $4,400 and comes even though gold remains up roughly 9.5% over the past month, about 33% year over year, and up 4% just in the past week. The metal has traded in a wide band this year, having pulled back as much as 18% earlier in 2026 from the record high above $5,300 touched in January before rebuilding momentum through the summer. Wednesday's cooler-than-expected July Consumer Price Index reading had trimmed bets on a September Federal Reserve rate hike, but Thursday's Producer Price Index report complicated that narrative enough to spark profit-taking after four straight sessions of gains. Buyers looking to add physical exposure at today's pricing continue to turn to gold bars.

Silver followed gold lower, falling $0.66, or 1.02%, to $65.20 per ounce. The session's bid came in at $64.15 against an ask of $65.20, with trading bounded by a low of $64.47 and a high of $64.67. The pullback trims some of silver's recent strength, though the metal remains up more than 70% year over year, supported by both its monetary appeal and steady industrial demand tied to solar panel and electronics manufacturing. Mining-linked equities have also drawn fresh investor interest in recent sessions, with several strategists noting that quality miners continue to trade on relatively modest forward earnings multiples while paying above-average dividends. Investors seeking a lower-cost entry into the metals market continue to favor silver coins.

Platinum led the two heavier metals lower on a percentage basis, dropping $38.85, or 2.21%, to $1,728.90 per ounce, with a bid of $1,703.90 and trading confined between a low of $1,716.40 and a high of $1,721.40. Tight mine supply from South Africa has underpinned prices for much of the summer, even as automotive demand growth has moderated. Palladium fell hardest of all four metals, sliding $56.00, or 4.09%, to $1,332.50, with a bid of $1,292.50 and a wide intraday range between $1,300.68 and $1,431.24. That spread underscores how thinly traded and headline-sensitive the palladium market remains, with prices giving back a portion of recent gains as profit-taking accelerated alongside the broader risk-off tone across metals markets. Investors evaluating an entry point can review current offerings on the platinum products page.

Thursday's session pivoted on the U.S. Bureau of Labor Statistics' July Producer Price Index report, which showed headline final-demand prices unchanged for the month but up 4.7% on an annual basis, while the core measure excluding food, energy, and trade services rose a firmer-than-expected 0.4% monthly and 4.7% year over year. That reading complicated the disinflation story that Wednesday's cooler Consumer Price Index data had appeared to confirm, when headline CPI rose just 0.1% for the month and 3.4% annually, with core CPI holding near 2.5%. With the two reports sending mixed signals, traders trimmed bets on a September Fed rate hike back toward roughly 40%, down sharply from well over 50% a week earlier but firmer than gold bulls would prefer. The U.S. Dollar Index firmed modestly on the core PPI print, while the 10-year Treasury yield held near 4.7%, both of which weighed on non-yielding bullion. New Fed Chair Kevin Warsh's remarks ahead of the Jackson Hole symposium remain closely watched for further clarity on the central bank's next move, and his cautious, at times ambiguous communication style has kept policy uncertainty elevated in recent weeks. Continued central bank gold accumulation, including reported additions by the People's Bank of China, alongside lingering geopolitical tension tied to the Strait of Hormuz, has kept a longer-run floor under demand even as prices consolidate after a strong summer run. Market participants continue to note that the underlying case for holding metals as an inflation and policy-uncertainty hedge has not materially changed despite Thursday's pullback.

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Key Drivers

Firmer Core PPI Complicates Disinflation Narrative

Thursday's July Producer Price Index showed core prices, excluding food, energy, and trade services, rising 0.4% on the month and 4.7% year over year, firmer than expected and enough to partially offset Wednesday's cooler CPI reading. Traders trimmed September Fed rate-hike odds back toward roughly 40%, pressuring non-yielding metals.

Dollar and Treasury Yields Firm

The U.S. Dollar Index edged higher following the core PPI print, while the 10-year Treasury yield held near 4.7%. Both moves raised the opportunity cost of holding bullion and contributed to the pullback across all four metals.

Platinum, Palladium See Sharper Pullback

Platinum and palladium both fell more sharply than gold and silver on a percentage basis, with palladium's wide intraday range highlighting the thinner liquidity and headline sensitivity that continue to define trading in the smaller platinum-group metals market.

Fed Chair's Jackson Hole Remarks in Focus

New Federal Reserve Chair Kevin Warsh's upcoming remarks at the Jackson Hole symposium remain closely watched, with markets seeking clearer signals on the central bank's approach to the September policy meeting following this week's mixed inflation data.

Looking Ahead

Jackson Hole Symposium

Market participants are turning attention to the Federal Reserve's annual symposium in Jackson Hole, Wyoming, where Chair Warsh's remarks will be parsed for signals on the path of policy into year-end.

September FOMC Meeting

The Federal Reserve's September meeting remains the next scheduled policy decision, with futures markets now assigning roughly even odds to a rate hike following this week's mixed CPI and PPI data.

Upcoming PCE Inflation Data

The Fed's preferred inflation gauge, the Personal Consumption Expenditures index, is due later this month and will offer another data point for policymakers weighing the September decision.

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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.