Gold, silver slip as flat PPI masks firm core pressure – Kitco AM Report

(Kitco NewsWire, Thurs. Aug 13th, 2026) – Spot gold and silver prices are lower in early U.S. trading Thursday, as a flat headline PPI print was offset by firmer core producer-price pressure, a steady dollar and caution ahead of Friday’s retail sales report. At the time of writing, spot gold was trading near $4,393.90 an ounce, down 0.31%, while spot silver was trading at $65.070, down 0.22% on the session.

The latest positioning remains split between softer headline inflation and sticky underlying price pressure. Wednesday’s CPI report showed consumer prices rising 0.1% in July and 3.4% from a year earlier, while core CPI rose 0.2% on the month and 2.5% year-over-year. This morning’s PPI report showed final-demand prices were unchanged in July and up 4.7% from a year earlier, but the measure excluding food, energy and trade services rose 0.4% on the month and 4.7% year-over-year. Meanwhile, initial jobless claims rose 9,000 to 209,000, while the four-week average was unchanged at 199,000.

The combined read leaves the Fed trade short of a clean dovish signal: September hike pricing was near 40% before the PPI release, the 10-year Treasury yield is still trading near the 4.7% area and the market still has July retail sales Friday at 8:30 a.m. ET before the week’s data slate clears.

Global markets were mixed to firmer ahead of the U.S. open. U.S. stock-index futures edged higher, with Dow, S&P 500 and Nasdaq futures each up 0.1%. European markets were slightly higher, supported by technology and financial shares, while the U.K.’s FTSE 100 lagged as mining stocks weakened. Asian trading was mixed, with gains in South Korea and Japan offset by softer trade in Hong Kong, Singapore and China.

The key outside markets see Nymex WTI crude oil prices lower and trading around $82.00 a barrel, while Brent crude was near $87.70. The U.S. dollar index is steady. (Kitco Global Index shows how much of today’s gold move is the dollar versus the gold market itself.) The yield on the benchmark 10-year U.S. Treasury note is trading near the 4.7% area.

Technically, spot gold bulls’ next upside price objective is to push prices back above the $4,448.00 resistance level, with a sustained move targeting $4,575.00 and then $4,666.00. Bears’ next near-term downside price objective is a break below $4,332.00, with deeper downside targets at $4,262.00 and then $4,205.00. First resistance is seen at $4,448.00 and then at $4,575.00. First support is seen at $4,332.00 and then at $4,262.00.

Spot silver bulls’ next upside price objective is to drive prices back above $66.43, with a move above that level targeting $71.43 and then $72.08. The next downside price objective for the bears is a break below $64.47, with deeper downside targets at $63.10 and then $61.42. First resistance is seen at $66.43 and then at $71.43. Next support is seen at $64.47 and then at $63.10.

Posted by:

Jack Dempsey, President

401 Gold Consultants LLC

jdemp2003@gmail.com