Precious metals sustained sharp losses during the week of May 12-15, 2026, as stronger-than-expected U.S. inflation data shifted market expectations and sent traders unwinding long positions in gold and silver.
April's Consumer Price Index came in at 3.8%, above the 3.7% consensus forecast and the highest reading since May 2023. Within hours of the release, the probability of a June Federal Reserve rate cut collapsed to under 8%, with market-implied expectations for the first cut shifting to November or December at the earliest.
Gold spot prices dropped to approximately $4,489 per ounce, a decline of 1.7% on the day. Silver fell sharply, losing 5.62% to trade at $73.36 per ounce, with the selloff reflecting silver's heightened sensitivity to industrial demand expectations in a restrictive rate environment.
The gold-to-silver ratio widened to 61.2:1 during the session, a level that historically has attracted long-term buyers who view silver as undervalued relative to gold. Despite the near-term weakness, both metals remain well above their 2025 price levels, with gold up substantially from its Q1 average.
Broader markets also weakened on the inflation data, with bond yields rising and equity futures declining. Energy prices contributed to the inflationary backdrop, with renewed geopolitical uncertainty adding upward pressure on crude oil. Investment firms and commodity-focused publishers seeking content strategy support can find resources on content strategy for investment firms at relyoncontent.com.
Source: CNBC -- https://www.cnbc.com/2026/05/15/global-markets-stocks-bonds-silver-gold-trump-inflation.html