Key Facts
- Gold eased about 0.4% to roughly US$4,630 an ounce in New York spot trade on Tuesday, after touching a three-month high near US$4,696 earlier in the session.
- Silver slipped to about US$68.96 an ounce late on Tuesday, backing away from an intraday high of US$69.96 after a month-long run of more than 16%.
- The dollar index edged 0.1% lower to 98.93, keeping dollar-priced metal affordable for buyers using other currencies.
- The 10-year Treasury yield fell about six hundredths of a point to roughly 4.64%, cutting the cost of holding metal that pays no interest.
- Mexico is the world’s top silver miner, so every dollar off the silver price feeds straight into the export and tax arithmetic of its producers.
- Peru mines both metals at scale, so gold near multi-month highs cushions its revenue while silver cools from a hot run.
Today’s Focus
Gold and silver stepped back from three-month highs in the Tuesday, August 25, 2026 session, as traders locked in gains ahead of Wednesday’s US inflation report. Spot gold ended near US$4,630 an ounce, down about 0.4%, while silver changed hands late in New York at about US$68.96 an ounce.
The pullback stayed shallow because the props under the market remain in place. The dollar index slipped 0.1% to 98.93, and the 10-year Treasury yield fell about six hundredths of a point to roughly 4.64%.
The swing matters most in Latin America. Mexico is the largest silver producer in the world, and Peru is a major miner of both gold and silver, so revenue, royalties and investor expectations move with every session.
What matters today. Gold and silver cooling from three-month highs looks like a pause, not a reversal — and Mexico and Peru feel every dollar of it.
01 The session in one read
Tuesday, August 25, 2026 took some heat out of a strong August for precious metals. Gold touched a three-month high near US$4,696 an ounce early in the day, then eased to end spot trade around US$4,630, down about 0.4% from Monday.
Silver, which had climbed more than 16% in a month, showed the bigger swing. It touched US$69.96 an ounce before slipping back to about US$68.96 late in New York.
Tuesday’s pullback barely dented the strongest run for precious metals in months: spot gold gave up only about 0.4% and stayed within sight of the three-month high it touched early in the session, and US gold futures for December delivery even closed 0.4% higher at US$4,715 an ounce. Silver’s retreat from US$69.96 to about US$68.96 looks sharper, but it follows a rally of more than 16% in a month, so some cooling was due. The variable to watch is Wednesday’s US inflation reading — a soft number would pull yields lower and likely send both metals back toward the highs.
02 The board
The board tells a calm story. Spot gold gave back about 0.4%, while US gold futures for December delivery actually closed higher — a sign that sellers were trimming gains, not heading for the exits.
Silver was the softer metal on the day, but both prices remain historically strong. Gold is up about 14% in a month, and silver more than 16%.
| Asset | Level | Change |
|---|---|---|
| Gold (spot) | ≈US$4,630/oz | -0.4% |
| Silver (spot) | ≈US$68.96/oz | modestly lower |
| Gold (Dec futures) | US$4,715/oz | +0.4% |
Sources: Investopedia New York close roundup, Yahoo Finance and GoldPrice.org readings for 2026-08-25. Spot levels are rounded approximations from late New York trade; futures are CME December gold.
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Latin America — Cross-Market Board
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 174,951.12 | +0.21% | +21.85% | 174,576.80 | 168,310 | 167,142 | — |
| IPSA | 11,369.64 | -0.71% | — | 11,450.75 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 66,644.91 | +0.53% | +12.17% | 66,293.07 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 3,019,891 | +0.36% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,493.32 | -0.60% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 60,449.35 | +0.24% | — | — | — | — | — |
| USD/BRL | 5.16 | +0.01% | -5.13% | 5.16 | 5.18 | 5.14 | — |
| EUR/BRL | 5.95 | +1.01% | -5.83% | 5.89 | 5.98 | 5.94 | — |
| USD/MXN | 17.06 | -0.24% | -8.58% | 17.10 | 17.08 | 17.01 | — |
| USD/CLP | 913.98 | +0.04% | -5.67% | 913.65 | 915.11 | 906.68 | — |
| USD/COP | 3,140 | +0.03% | -22.04% | 3,139 | 3,141 | 3,105 | — |
| USD/PEN | 3.36 | -0.66% | -4.82% | 3.38 | 3.38 | 3.35 | — |
| USD/ARS | 1,493 | +0.10% | +12.96% | 1,491 | 1,494 | 1,480 | — |
| USD/UYU | 40.27 | +1.24% | +1.80% | 39.77 | 40.27 | 40.23 | — |
| USD/PYG | 5,939 | +1.68% | -19.54% | 5,841 | 5,939 | 5,925 | — |
| USD/BOB | 11.64 | -0.76% | +72.04% | 11.73 | 11.72 | 11.64 | — |
| USD/DOP | 58.34 | +1.25% | -3.44% | 57.62 | 58.34 | 58.04 | — |
| USD/CRC | 445.92 | +0.89% | -9.71% | 441.97 | 448.50 | 445.92 | — |
03 What moved it
The main force was simple arithmetic. Gold had climbed about 14% in a month and silver more than 16%, so with Wednesday’s US inflation report — the Federal Reserve’s preferred price gauge — hours away, traders trimmed positions.
Working against the pullback, the dollar index slipped 0.1% to 98.93 and the 10-year Treasury yield fell about six hundredths of a point to roughly 4.64%. A softer dollar makes metal cheaper for foreign buyers, and lower yields cut the penalty of holding an asset that pays no interest.
Last week’s rally was powered by the US Treasury’s decision to double its buybacks of long-dated bonds, a move that revived worries about currency debasement. Attention now turns to Fed Chair Kevin Warsh, who speaks on Friday at the Jackson Hole conference.
04 The Latin American read
Mexico carries the heaviest silver exposure. As the world’s top silver producer, its mining revenues and export taxes move directly with a price that touched US$69.96 an ounce on Tuesday before easing.
Peru sits in a more balanced position. It is a leading producer of both silver and gold, so gold holding near multi-month highs cushions the blow from a softer silver price.
For investors in listed miners across the region, the message is that both metals remain at levels producers only dreamed of two years ago. A pause at these heights still leaves margins wide.
05 The names to watch
The names to watch are the Latin American producers most leveraged to silver, where a retreat from US$69.96 toward US$68.96 an ounce trims margins faster than gold’s shallow 0.4% dip.
Gold-heavy operators in Peru and elsewhere in the region can point to still-rising futures prices as a cushion. If Wednesday’s inflation data comes in soft, silver-exposed names could quickly recover Tuesday’s lost ground.
06 The outlook
The market now hinges on Wednesday’s US inflation report and Fed Chair Kevin Warsh’s Friday speech at Jackson Hole. Softer inflation would pull yields down and likely reignite the rally.
A hotter number would test the market’s faith. Even then, the Treasury’s enlarged bond buybacks and a dollar stuck near 98.9 on the index keep a floor under sentiment for now.
07 What to watch
- US inflation report: Wednesday’s PCE price index is the Federal Reserve’s preferred gauge — a soft reading supports both metals, a hot one tests them.
- Fed Chair Warsh: His Friday speech at Jackson Hole could shift expectations for interest rates, the dollar and, in turn, bullion.
- Dollar direction: The index at 98.93 is near multi-month lows; further weakness would make dollar-priced metal cheaper for foreign buyers.
- Mexico and Peru miners: Producer share prices will show whether investors read Tuesday’s dip as noise or the start of a trend.
Frequently Asked Questions
Why did gold and silver fall on Tuesday?
Both metals pulled back from three-month highs as traders locked in gains ahead of Wednesday’s US inflation report. Gold eased about 0.4% to roughly US$4,630 an ounce, and silver slipped to about US$68.96 after touching US$69.96.
How high did prices get before the pullback?
Spot gold touched a three-month high near US$4,696 an ounce early on Tuesday, while silver reached US$69.96. US gold futures for December delivery closed up 0.4% at US$4,715 an ounce.
How does this affect Mexico?
Mexico is the world’s top silver producer, so a softer silver price feeds directly into mining revenue, royalties and tax receipts — though at about US$68.96 an ounce, prices remain historically strong.
Why is Peru watching both metals?
Peru is a major producer of gold and silver. Gold holding near multi-month highs cushions mining income while silver cools from its strongest run in months.
Market data: RT
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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