Gold holds near $4,700 as hotter U.S. inflation lifts Fed rate concerns

Gold was little changed May 14, 2026, as stronger U.S. inflation data reinforced expectations that the Federal Reserve will keep interest rates elevated, pressuring non-yielding bullion. Spot gold rose 0.1% to $4,693.33 an ounce at 10 a.m. in London after falling 0.6% on May 13. U.S. wholesale inflation accelerated in April at the fastest pace since 2022, while 10-year Treasury yields moved toward their highest level since July. The consumer price index rose 3.8% from a year earlier in data released May 12, the most since 2023, with higher gasoline, airfare, housing, clothing and food costs. The U.S. Senate confirmed Kevin Warsh as Fed chair on May 13, raising investor focus on central bank independence. Gold has traded in a tight range as markets weigh inflation risks, Middle East hostilities and potential reopening of the Strait of Hormuz. Silver fell 0.6% to $86.97 an ounce after rising 18% in May.