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Gold falls below $4700 as US inflation rise boosts Treasury yields and dollar strength.

Market News
12 May 2026
FXEmpire
View Source
Bearish
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Gold prices retreated below the $4700 level following a US inflation report showing an increase from 3.3% to 3.8% in April, higher than expected. This spurred a rise in Treasury yields, with the 2-year yield hitting 4.00% and the 30-year yield surpassing 5.00%, pressuring gold which pays no interest. The stronger US dollar and rising oil prices, amid stalled US-Iran talks, further weighed on gold. Silver and platinum also pulled back due to profit-taking and market pressures, with silver needing to break above $85 for gains and platinum testing support around $2040. Gold faces key support at $4660-$4680 and resistance near $4757 and $4860-$4880 levels.

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