Gold jumps after cooler-than-forecast U.S. PPI

NEW YORK, Nov. 13, 2026 (GoldSquawk) - COMEX gold futures rose as much as $23.50 an ounce from $3,885.10 before the release to $3,908.60 by 13:34 UTC on Nov. 13 after the U.S. Bureau of Labor Statistics said producer prices for final demand increased 0.3% in October, below the 0.4% forecast Reuters said economists had expected, in a report traders were watching for signals on inflation pressures and Federal Reserve policy.

For bullion traders, the release fed directly into the rates debate that has driven gold lower this week. Federal Reserve Bank of Atlanta data compiled by GoldSquawk put the market-implied average U.S. policy rate for the December-to-March window at 4.28% as of Nov. 10, with a 97% chance of staying above the current 3.75%-4.00% range, while Federal Reserve Bank of St. Louis data put the U.S. 10-year real yield at 2.78% as of Nov. 10, up 13 basis points on the week.

Softer monthly reading, hotter annual pace

The Bureau of Labor Statistics said October final-demand goods prices rose 0.5% and services prices rose 0.2%.

Reuters said September headline PPI was revised up to a 1.4% monthly increase from 1.3% previously, and that October producer prices were up 6.5% from a year earlier, the largest annual increase since November 2022.

AP reported the yearly rate at 6.5%, up from 6.3% in September.

The core PPI reading was 0.3% in October, matching the consensus listed in the economic calendar, which cited the Federal Reserve Bank of St. Louis for the actual figure and Forex Factory for the forecast.

Fed path stays in focus for gold

Reuters said before the release that traders were waiting for the PPI report for fresh clues on inflation pressures and expectations for the Fed.

That focus has become more intense after a sharp slide in bullion over recent sessions. COMEX gold futures settled at $3,886.30 an ounce on Nov. 12, down $113.60 on the day, according to GoldSquawk settlement figures.

Higher real yields remain a headwind for bullion. The Federal Reserve Bank of St. Louis said the U.S. 10-year real yield was 2.78% as of Nov. 10, near the top of its one-year range of 1.72% to 2.95%, which raises the opportunity cost of holding gold.

The broader physical backdrop has been firmer than the futures trend. The World Gold Council said total gold demand in the third quarter was 1,368.6 tonnes, while central banks and other institutions bought 321.2 tonnes, up 42% from a year earlier.

Later on Nov. 13

Later on Nov. 13, the initial rebound faded. COMEX gold futures fell to $3,871.70 by 16:01 UTC, then settled at $3,886.20, down 10 cents on the day, before trading at $3,878.50 by 20:18 UTC.

The next event in the pack is Fed Chair Warsh speaking on Nov. 16 at 17:00 UTC.