How CPI releases impact gold
The CPI report measures how fast consumer prices rose over the past 12 months.
A hotter print can lead markets to price higher interest rates, which lifts real yields and the cost of holding gold; a cooler one can do the reverse.
Over the last 12 months in the record, CPI inflation ran between 2.4% and 4.2%, while gold's monthly average moved between −7.8% and +10.6% from one month to the next.
The two did not move in step: in Jan 2026 inflation eased to 2.4% and gold rose 10.3%; in May 2026 it climbed to 4.2% and gold fell 2.8%.
An explainer from the chart's Learn library. What the record did, not a forecast.
Updated Oct 2026 · record through Oct 2026