Gold extended its weekly losses as traders priced out near-term rate cuts following stronger-than-expected inflation data. The metal touched a low of $4,540 before stabilizing near $4,560 by Friday's close1.

Gold price, May 8 to May 15, 2026
Gold fell from roughly $4,672 to $4,560 over the week, a 2.4% decline, with the bulk of the move following Wednesday's CPI release.

Fed in focus

Treasury yields rose sharply after Wednesday's CPI print came in above consensus at 3.4% year over year versus the 3.2% expected2. The release prompted markets to push back expectations for the first Fed cut from June to September, and the 10-year yield climbed to 4.32%, weighing on non-yielding assets like gold3.

Dollar strength

The dollar index gained 0.8% on the week to 106.1, adding pressure to dollar-denominated commodities4. Analysts noted that the rally in real yields has been the primary headwind for gold this month, with the 10-year TIPS yield rising to its highest level since March.

Looking ahead

Next week brings the Fed minutes and several speeches from voting members. Traders will watch for any pushback against market pricing of two cuts before year-end5.

Sources

  1. Yahoo Finance, COMEX gold futures (GC=F) weekly settlement
  2. Bureau of Labor Statistics, Consumer Price Index release, April 2026
  3. U.S. Department of the Treasury, daily Treasury par yield curve
  4. Intercontinental Exchange, U.S. Dollar Index (DXY) historical data
  5. CME FedWatch Tool, implied probability of Fed rate moves