Gold futures (GC=F) traded at $4,698.90 during the May 13, 2026, open session. April CPI reached 3.8%. PPI jumped 1.4%, marking the largest wholesale price rise in four years.
The closure of the Strait of Hormuz pushed Brent crude to $108 per barrel. This energy spike eliminated expectations for Federal Reserve rate cuts. Gold gained safe-haven demand following the confirmation of hawkish Fed Chair Kevin Warsh.
Market prices reflect broader caution regarding Middle East instability and the upcoming Trump-Xi summit. The S&P 500 rose 0.67%, while the Dow fell 0.24%.