Gold Falls as Inflation Print and Rate Hike Odds Send GLD Price Sliding

The price of gold has been sliding since September 4, closing at $406.77 on that day, and is currently trading near $402.

A few hours after opening above $4,400, spot gold fell back by nearly $50 due to an unexpected inflation print in August producer prices, which rose to 5.4% annually against a forecasted 5.3%.

The increase in probability of a Federal Reserve rate hike, now at 62-64%, has led to higher nominal yields and rising real yields, causing gold to fall.

The SPDR Gold Shares ETF (GLD), which tracks the spot price of gold, is down 18.9% from its record close in January 2026.