• Gold Ask $3,981.46 +$24.14 (+0.61%)
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  • Palladium Ask $955.74 +$10.58 (+1.12%)
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Weekly recap · May 11–May 15, 2026

Inflation and India import curbs hit bullion as gold ends at $4,528 and silver at $78.74

Precious metals ended the May 11–15 week lower, with the sharpest selling into Friday’s close. Kitco tied the drop to hotter inflation data lifting yields, a stronger dollar, and renewed rate fears amid higher oil risk linked to Iran headlines. India’s government raised gold and silver import tariffs and added new import limits, reshaping near-term physical flows and local pricing. Reuters reported India discounts surged to record highs after the duty hike, while China physical premiums held firm.

AI summaryWritten automatically with AI from 31 linked reports and our own price data, Oct 21, 3:22 AM ET. Each point links to its sources. Published without an editor’s review; not investment advice. How this page is made

The week in prices

  • Gold$4,528.00−4.5%
  • Silver$78.74−2.4%
  • Platinum$1,971.00−2.5%
  • Palladium$1,420.00−3.7%

Tone of the reports: Leaning lower

The week’s key developments

  1. Gold finished the week down 4.5% (from $4,741.40 to $4,528.00), and Kitco framed the week’s pressure around hotter inflation data pushing Treasury yields higher and supporting the dollar, which tends to weigh on non-yielding metals like gold.

    SourcesKitco News: Gold, silver fall as CPI, oil and dollar pressure metals - KITCO2: Gold and silver slip after hot PPI boosts yields - Kitco AM Report3: Gold breaks below $4,600 as dollar, yields overpower haven demand - Kitco AM Report4: Silver dives below $76, gold tests $4,500 support as Iran risk drives oil, rate fears - Kitco PM Report

  2. Silver was volatile: earlier-week reports said it was testing the $90 area, then late-week selling hit hard, with Kitco noting a plunge that took silver below $76 at one point as rate and inflation worries dominated.

    SourcesKitco News: Gold weakens, silver tests $90 after April producer-price shock - Kitco PM Report2: Silver drops 4.6% as yields rise, gold holds above $4,650 - Kitco PM Report3: Silver dives below $76, gold tests $4,500 support as Iran risk drives oil, rate fears - Kitco PM Report

  3. India raised gold and silver import tariffs to 15% to curb imports and support the rupee, according to Reuters and Bloomberg, adding a new headwind for Indian demand and a potential shift in global physical flows.

    SourcesReuters: India raises gold and silver tariffs to 15% to curb imports, support rupeeBloomberg: India Hikes Gold and Silver Import Tariffs to Protect Economy2: Why Modi Wants Indians To Stop Buying Gold - Bloomberg

  4. Reuters reported India’s local gold discounts surged to record highs after the import duty hike, a sign of weaker local demand and/or higher costs being passed through the trade; the same Reuters dispatch said China’s physical premiums stayed firm.

    SourcesReuters: Asia Gold: India discounts soar to record high on import duty hike; China premiums firm

  5. India also tightened imports further: Reuters reported limits on duty-free gold imports for jewellery exporters, and another report said import volumes could drop by 25% under heavier restrictions.

    SourcesReuters: India caps duty-free gold imports for jewellery exportersEarlier news service: INDIA further tightens gold imports, import volume may plummet by 25% under heav..

  6. China-related demand/infrastructure headlines stayed supportive in the background: the World Gold Council said China’s gold reserves have risen, and Bloomberg reported China’s biggest courier is set to open a gold vault in Hong Kong.

    SourcesEarlier news service: WORLD GOLD COUNCIL : China gold market update: A notable rise in gold reserves2: CHINA’s biggest courier set to open gold vault in Hong Kong — Bloomberg

  7. Mining-sector news was active alongside the metal selloff: Kitco reported Equinox Gold agreed to acquire Orla Mining in a $5.1 billion deal, and Reuters reported Agnico Eagle plans to spend $10.2 billion in Ontario by 2030.

    SourcesKitco News: Equinox Gold acquires Orla Mining in $5.1 billion consolidation ...Reuters: Gold Miner Agnico Eagle commits to spend $10.2 billion in Ontario, Canada by 2030

Bull vs bear

The arguments the day’s reports made for each direction. We list them side by side; we don’t pick one.

The case for higher prices

The case for lower prices

Metal by metal

Gold $4,528.00 −3.31%

Kitco and other outlets said hotter U.S. inflation prints lifted yields and the dollar, which outweighed safe-haven demand even with Iran-related oil and risk headlines in the mix. India’s tariff hike and follow-on import tightening were a major physical-market storyline, with Reuters also flagging record discounts in India after the duty increase.

Gold headlines

Silver $78.74 −9.27%

Reports described strong early-week momentum (including talk of testing the $90 area), followed by a sharp reversal later in the week as yields rose and inflation/rate fears intensified. Kitco highlighted an especially steep late-week drop that briefly drove silver below $76.

Silver headlines

Platinum $1,971.00 −6.23%

No report focused on platinum.

Platinum headlines

Palladium $1,420.00 −2.81%

No report focused on palladium.

Palladium headlines

Day by day

  1. Tuesday, May 12Gold dips on CPI-driven yield and dollar rise; silver and platinum gain
  2. Wednesday, May 13Gold flat, silver jumps as hot inflation data lifts yields; India raises bullion import tariffs
  3. Thursday, May 14Gold steady near $4,683 as inflation prints and a firmer dollar stayed in focus
  4. Friday, May 15Metals tumble on inflation and rate fears; gold tests $4,500 as silver slides

How this page is made

Collected every hour. Summed up twice a day. Linked to the source.

Where the news comes from

  • Reuters and Dow Jones headlines for gold, silver, platinum and palladium, through TradingView
  • Kitco News and MetalsDaily
  • The World Gold Council
  • Google News, for wider coverage
  • A daily AI web search for anything the feeds missed

How the briefs are written

Every hour we collect new headlines. An AI model from OpenAI tags each one by metal, topic and importance and writes a one-line summary from its headline and teaser. It doesn’t read paywalled articles. On weekdays at about 8 AM and after the 5 PM New York close, it writes a brief from the most important reports and our own spot price feed. Every point cites the reports it came from. On Fridays it writes a recap of the week.

Who publishes it

Bullion Trading LLC is a physical precious metals dealer in New York’s Diamond District, in business since 2008. Prices on this page come from our own live feed and LBMA history. We buy and sell bullion, so read the briefs as market context, not investment advice. Briefs are published automatically, without an editor’s review. If you spot an error, tell us.

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