Key Facts
- Gold futures settled lower with the December contract at US$4,598.20 an ounce, down US$39.90 or 0.86%, a second straight daily decline.
- Silver futures fell harder settling at US$67.99 an ounce, down 64.6 cents or 0.94%, the weakest settlement since August 19.
- Sticky US inflation drove the move as July’s PCE report held headline inflation at 3.7% and core at 3.3%, lifting Treasury yields and the dollar.
- Fed hike bets firmed up with markets now pricing a 40% chance of a rate increase in September ahead of Chair Kevin Warsh’s Jackson Hole speech on Friday.
- Gold pulled back from three-month highs after trading near US$4,700 early in the week, as real yields climbed into month-end.
- Mexico and Peru stay centre-stage with Mexico the world’s leading silver producer and Peru a major supplier of both silver and gold.
Today’s Focus
Gold fell on Wednesday, August 26, 2026. December futures settled at US$4,598.20 an ounce, down US$39.90 or 0.86%, closing at the session’s low after a second straight daily decline.
The trigger was a sticky US inflation reading. July’s PCE price index rose 0.2% on the month, holding the annual rate at 3.7% — above the 3.6% forecast — while core inflation stayed at 3.3%. Treasury yields and the dollar firmed, raising the opportunity cost of holding gold and silver.
Silver fell further than gold, settling down 0.94% at US$67.99 an ounce, its weakest settle in a week, as both metals retreated from the strong August run that took gold to a three-month high near US$4,700 early in the week.
For Latin America, the session matters because Mexico is the world’s top silver producer and Peru is a major miner of both metals. Their mining shares and currencies tend to track these price moves.
What matters today. The pullback was driven by sticky inflation, firmer real yields and a 40% market-implied chance of a September Fed hike — not a change in the underlying haven bid for precious metals.
01 The session in one read
Gold futures for December delivery settled lower on Wednesday, August 26, 2026, at US$4,598.20 an ounce, a decline of US$39.90 or 0.86%. The contract traded as high as US$4,615.30 in the session and closed at its low, a sign sellers stayed in control into the bell.
Silver futures also fell, settling at US$67.99 an ounce, down 64.6 cents or 0.94% — the lowest settlement since August 19 and a second loss in three sessions.
The session’s decline was a textbook reaction to sticky inflation data: July’s PCE report held the headline rate at 3.7% and core at 3.3%, nudging nominal and real Treasury yields higher and lifting the dollar, which raised the bar for non-yielding metals. Gold surrendered the week’s push toward US$4,700, a three-month high, while silver’s sharper drop took it to its lowest settlement in a week. The variable to watch is whether US real yields keep climbing into month-end — and what Fed Chair Kevin Warsh signals at Jackson Hole on Friday.
02 The board
The reading on the proxies shows spot gold at US$4,624 an ounce, down 0.73% on the day, while spot silver is at US$68.54 an ounce, down 0.16%.
Those moves capture the commodity through the lens of end-of-day spot quotes, while the settlement figures cited above come from the Comex futures board.
| Asset | Level | Change |
|---|---|---|
| Gold | US$4,624/oz | -0.73% |
| Silver | US$68.54/oz | -0.16% |
Source: RT close, 2026-08-26. 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 | 174,586.26 | +0.01% | +21.85% | 174,576.80 | 168,310 | 167,142 | — |
| IPSA | 11,369.18 | -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 | 3,024,971 | +0.53% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,504.68 | -0.15% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 60,449.35 | +0.30% | — | — | — | — | — |
| 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
July’s PCE inflation data landed with a firmer headline than forecast: prices rose 0.2% on the month after falling 0.1% in June, keeping the annual rate at 3.7% against expectations of 3.6%, while core inflation held at 3.3%. Services inflation accelerated to 0.3%.
The market read the report as a cue that policy easing is off the table: traders now price a 40% chance of a rate increase at the Fed’s September meeting. A second estimate of Q2 GDP, released at the same time, kept growth at 1.5% but revised private domestic demand up to a robust 4.2% — an inflationary detail that added to the hawkish read.
A stronger dollar compounded the pressure, because bullion is priced in dollars and becomes more expensive for buyers using pesos, soles, reais or other currencies. Gold dropped more than 1% after the data before paring the loss to settle 0.86% lower.
04 The Latin American read
Mexico is the world’s leading silver producer, so the metal’s pullback matters for Mexican export revenues and for miners such as Fresnillo. Peru is a major supplier of both silver and gold, giving its mining sector a dual exposure to Wednesday’s moves.
Foreign investors holding Mexican and Peruvian mining shares watch these dollar moves closely, because local share prices and currencies often track the commodities produced.
05 The names to watch
Gold producers with large Latin American footprints tend to move with the metal, though company-specific news can override the macro. Gold Fields, for example, has been returning more cash to shareholders after earnings jumped on higher prices.
On the silver side, Mexican miners remain the purest listed exposure to the white metal, while Peru offers a blend of silver and gold producers tied to polymetallic deposits.
06 The outlook
The pullback looks like a rate-driven correction rather than a shift in the haven bid. The next test is Fed Chair Kevin Warsh’s Jackson Hole speech on Friday morning, which could either confirm or push back against the market’s 40% pricing of a September hike.
Beyond Friday, watch whether real yields keep rising into month-end, which would challenge gold’s footing near current levels after its run to three-month highs.
07 What to watch
- Warsh at Jackson Hole: Friday’s speech by the Fed Chair is the week’s biggest event risk for metals after the sticky PCE print.
- US Treasury yields: A further rise in real yields would keep pressure on gold and silver because both pay no interest.
- Dollar index: Sustained dollar strength makes bullion more expensive for non-US buyers, including Latin American investors.
- Mexican and Peruvian mining shares: Shares of silver and gold miners tend to amplify moves in the underlying metals.
- Industrial silver demand: Softer economic data could dent the industrial bid that has supported silver’s strong August run.
Frequently Asked Questions
Why did gold fall on Wednesday?
Sticky July PCE inflation — 3.7% headline and 3.3% core — lifted Treasury yields and Fed hike bets, raising the opportunity cost of holding non-yielding gold.
How much did silver fall on Wednesday?
Front-month silver futures settled at US$67.99 an ounce, down 64.6 cents or 0.94%, the lowest settlement since August 19 after a strong August run.
What does this mean for Mexico?
Mexico is the world’s leading silver producer, so weaker silver prices matter for export revenues and mining shares.
How does the dollar affect precious metals?
Bullion is priced in dollars, so a stronger dollar makes it more expensive for buyers using pesos, soles, reais or other currencies.
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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