Key Facts
- Gold proxy settled lower the gold-tracking fund closed at US$4,357 an ounce, down 1.29 percent on Thursday, August 13.
- Silver tracked the decline the silver-tracking fund settled at US$64.55 an ounce, a drop of 1.14 percent for the session.
- A firmer dollar weighed the U.S. currency strengthened against major peers, making dollar-priced metals more expensive for overseas buyers.
- Real yields edged up inflation-adjusted U.S. Treasury yields rose, reducing the appeal of non-yielding bullion.
- Safe-haven flows faded a softer-than-expected U.S. wholesale price report trimmed immediate demand for defensive metal positions.
- LatAm producers in focus Mexico as the world’s top silver producer and Peru as a major miner stay central to the regional supply story.
Today’s Focus
Gold and silver fell on Thursday, August 13, even after U.S. wholesale inflation came in softer than expected. The gold-tracking fund settled at US$4,357 an ounce, down 1.29 percent, while the silver-tracking fund ended at US$64.55 an ounce, a 1.14 percent decline.
The move reflected a firmer dollar and a small rise in inflation-adjusted U.S. Treasury yields. When real yields climb, holding a metal that pays no interest becomes less attractive relative to cash and bonds.
For Latin America, the session is a reminder of how sensitive regional miners are to global rate expectations. Mexico, the largest silver producer, and Peru, a major miner of both metals, watch these price swings closely because they feed export revenues and local mining investment.
What matters today. The dollar and real yields, not inflation data, steered the Thursday decline in gold and silver.
01 The session in one read
Gold and silver gave back ground on Thursday, August 13, even after a softer-than-expected U.S. wholesale inflation print. The gold-tracking fund settled at US$4,357 an ounce, down 1.29 percent, while the silver-tracking fund closed at US$64.55 an ounce, a decline of 1.14 percent.
Traders focused less on the inflation surprise and more on the dollar and real yields. The U.S. currency firmed during the session, and inflation-adjusted Treasury yields ticked higher, which typically pressures non-yielding metals.
02 The board
The proxy board shows both metals lower in dollar terms. The gold-tracking fund fell to US$4,357 an ounce, and the silver-tracking fund eased to US$64.55 an ounce.
Because these are exchange-traded proxies, the percentages capture the market direction cleanly. Gold lost 1.29 percent on the day, slightly more than silver’s 1.14 percent decline.
| Asset | Level | Change |
|---|---|---|
| Gold | US$4,357/oz | -1.29% |
| Silver | US$64.55/oz | -1.14% |
Source: RT close, 2026-08-13. Where a commodity has no spot feed, an exchange-traded tracker or leading producer is shown as a labelled proxy.
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Latin America — Cross-Market Board
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 182,991.13 | -0.26% | +21.85% | 183,476.86 | 168,310 | 167,142 | — |
| IPSA | 11,137.59 | -1.06% | — | 11,256.80 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 64,944.41 | -0.07% | +12.17% | 64,992.23 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 2,798,925 | +0.00% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,579.33 | -0.21% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 60,698.35 | -0.79% | — | — | — | — | — |
| 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
A firmer dollar was the main drag. When the greenback strengthens, gold and silver become more expensive for buyers using other currencies, dampening demand.
Rising real yields added pressure by making interest-bearing assets more competitive against bullion. Safe-haven flows also faded after the U.S. producer price report came in softer than expected, reducing the appeal of defensive metal positions.
04 The Latin American read
Mexico remains the world’s top silver producer, so a 1.14 percent dip in the silver proxy directly affects export valuations for Mexican miners. Peru, a major producer of both gold and silver, faces a similar revenue sensitivity from Thursday’s moves.
For foreign investors in Latin American mining shares, the session shows how quickly currency and yield shifts can alter near-term cash-flow expectations. The regional supply story stays intact, but price momentum now depends on the dollar’s next move.
05 The names to watch
Mexican and Peruvian miners are the natural names to monitor after a down day for both metals. Investors will watch whether companies with high silver exposure feel more margin pressure than diversified gold miners.
The next batch of producer earnings should reveal how much of the recent price strength has already been locked in through hedging. That will determine whether the Thursday pullback matters for profits or is mostly a mark-to-market adjustment.
06 The outlook
The bullish case remains built on lower real rates, a softer dollar and persistent sovereign demand. UBS has argued gold could challenge US$5,000 an ounce in the first half of 2027 if those conditions hold.
Still, the immediate direction will be set by U.S. yield moves and any fresh dollar strength. A sustained rise in real yields would test the dip-buying mentality that has supported metals for months.
07 What to watch
- U.S. real yields: A further rise would keep gold and silver under pressure by making cash and bonds more attractive.
- The dollar index: More dollar strength makes metals costlier for foreign buyers and weighs on LatAm export revenues.
- Mexico silver output: Any supply disruption or policy change in the world’s top silver producer could swing the silver proxy.
- Peru mining taxes: Tax or permitting shifts in a major gold and silver miner country would affect regional equity valuations.
Frequently Asked Questions
Why did gold fall on Thursday, August 13?
A firmer dollar and rising inflation-adjusted U.S. Treasury yields made non-yielding gold less attractive, even with softer wholesale inflation data.
What does real yield mean?
It is the return on a U.S. government bond after subtracting expected inflation. When it rises, holding gold or silver becomes costlier in relative terms.
Why does Mexico matter for silver?
Mexico is the world’s largest silver producer, so changes in the silver price directly affect Mexican export income and mining investment.
Is the drop a sign of a longer decline?
Not necessarily. Many analysts still see lower real rates and sovereign demand supporting gold into 2027, but the dollar and yields will decide the short-term path.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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