Gold and silver fall as U.S. inflation fears lift rate-hike bets

Gold, silver and copper fell May 15, 2026, as hotter U.S. inflation data, rising Treasury yields and a stronger dollar fueled expectations that interest rates may stay higher for longer. Spot gold dropped 2% to $4,560.48 an ounce as of 9:46 a.m. in London, after falling as much as 2.2%. Bullion is down about 3.4% since May 08 and more than 13% since the start of the Iran war. Silver slid 6% to $78.50 after falling as much as 7.1%, while copper dropped as much as 2.5%. Two-year Treasury yields rose to the highest level in months and the Bloomberg Dollar Spot Index gained 0.3%, pressuring non-yielding metals priced in dollars. U.S. wholesale inflation accelerated in April at the fastest pace since 2022, while CPI posted its biggest increase since 2023. ANZ delayed its $6,000 gold target to mid-2027 from early 2027, citing inflation expectations, yields and dollar strength.