Gold spot prices held at $4,704.25 per ounce on May 12, 2026, down $38.70 on the day, while silver traded at $85.44 per ounce, slipping $0.94. Both metals moved lower under a combination of improving risk appetite tied to U.S.-China trade negotiations and a strengthening U.S. dollar, both of which reduce short-term demand for traditional safe-haven assets. The gold-to-silver ratio held at 55.06 as of the session, reflecting gold's sustained premium in the current macro environment.
The intraday pullback does not alter the structural case that has underpinned gold's historic run in 2026. Central bank buying -- the primary engine behind the price ascent from $2,500 to January's all-time high near $5,600 -- remains active and is providing a durable floor that short-term spot weakness cannot erode. Global central banks purchased 244 tonnes of gold in Q1 2026 alone, maintaining the accumulation pace that has characterized reserve management strategy across much of the developing world since 2022.
Institutional forecasts remain constructive. J.P. Morgan projects a Q4 2026 average of $5,055, with prices near $5,000 by year-end, while TD Securities forecasts a 2026 annual average of $4,831 with highs potentially reaching $5,400. U.S. inflation running at 3.8 percent continues to support real asset demand, and Morgan Stanley's chief investment officer has publicly endorsed a 60/20/20 portfolio allocation placing gold as a core holding rather than a tactical hedge.
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Source: USAGOLD.com -- Daily Precious Metals Market Report, May 12, 2026 (usagold.com)