---
title: "Gold futures fell 1.5% as a 4.96% 10-year outweighed $100 oil"
url: "https://etf.net/news/gold-futures-fell-1-5-as-a-4-96-10-year-outweighed-100-oil-2026-09-13"
published_at: "2026-09-13T14:45:41.785Z"
updated_at: "2026-09-13T14:45:41.785Z"
byline: "ETF.net Research"
---

# Gold futures fell 1.5% as a 4.96% 10-year outweighed $100 oil

Gold futures settled at $4,408.9 an ounce on Friday, September 11; the big physical trusts lost 2.0% this week after Thursday's 0.4% PPI print, and Friday's matching CPI rise did not reverse it.

By ETF.net Research. Published Sep 13, 2026.

West Texas Intermediate jumped **9.4%** this week to $100.05 a barrel after attacks on shipping around the Strait of Hormuz and U.S. strikes on Iranian tankers, the exact bid gold is supposed to catch. Gold futures still settled Friday at **$4,408.9** an ounce, down **1.5%** from $4,476.6 a week earlier.

Chart: Gold futures **fell** as WTI ran 9.4% to $100

The 10-year Treasury yield ended Friday at **4.96%**. The 10-year real yield, the inflation-indexed rate that is the opportunity cost of holding a metal with no coupon, rose from **2.43%** on Friday, September 4, to **2.55%** on Thursday. That is the number that cleared the war bid.

## $100 oil, 0.4% inflation, and a 4.96% 10-year

Thursday did most of the week's work. The producer-price index for final demand rose **0.4%** in August and 5.4% from a year earlier, with goods up 1.1%. WTI added **6.7%** that session to $102.48. Gold futures fell 1.2% to $4,407.3; SPDR Gold Shares GLD, the $147.7 billion physical-gold trust, lost **1.7%**.

Friday's consumer-price report did not reverse the yield move. The CPI-U rose **0.4%** in August after 0.1% in July, and 3.4% over 12 months. Prices excluding food and energy rose 0.3% on the month and 2.4% on the year. Gasoline, up 3.9%, accounted for more than a third of the monthly increase. That is August at the pump. It does not include this week's crude. Gold futures were little changed on Friday at the $4,408.9 settle. GLD bounced **0.6%**. Spot gold, at $4,363.01 an ounce on Reuters' 1:40 p.m. Eastern print, was up **1.1%** on the session and still down about 1.5% on the week.

The funds that hold bars followed the ounce. SPDR Gold MiniShares GLDM and iShares Gold Trust Micro IAUM each fell **2.0%**, matching GLD. IAUM charges 0.09%, GLDM 0.10%, GLD **0.40%**. The 0.40% line is still the liquidity pool: GLD averages about **$3.35 billion** a day in turnover, against $371 million for GLDM and $107 million for IAUM.

The Federal Reserve announces its rate decision at 2 p.m. Eastern on Wednesday, September 16. CME FedWatch put the odds of a 25-basis-point hike near **90%** after Friday's consumer-price report, up from more than **70%** on Thursday.

## Kinross and Agnico led the miner decline

VanEck Gold Miners GDX, a $29.1 billion book of mining stocks, fell **2.2%**. Kinross Gold, a 4.2% weight, Agnico Eagle at 10.5%, AngloGold Ashanti, and Gold Fields accounted for **0.88 percentage points** of the fund's decline. Newmont, the largest holding at 11%, barely moved.

Chart: **Kinross** led the miner decline this week

VanEck Junior Gold Miners GDXJ, smaller gold and silver miners, fell 2.8%. iShares' global gold-miners fund RING fell 2.2%.

The year is still a different story. GDX is up **13.2%** year to date against **0.6%** for GLD, and 43% over 12 months against 19% for the bars. RING is up 17% year to date. This week did not unwind that gap. It also did not add to it.

## Silver and copper sold on the same Thursday

Silver futures fell 2.3% on the week to $65.19 an ounce. iShares Silver Trust SLV lost **2.8%**. Thursday was the session that mattered; the trust dropped 5.3%. Year to date SLV is down 9.8%. This week's decline was the same yield shock that hit gold.

Copper futures fell 1.9% to $6.55 a pound after Thursday reports the White House had not finalized a tariff decision on refined copper. iShares MSCI Global Metals & Mining Producers PICK, which holds diversified miners and excludes gold and silver, lost **2.6%**. Platinum futures fell 1.6% to $1,797.6.

Chart: Crude **jumped** Thursday as the metals complex sold

The complex did not split between haven metal and industrial metal this week. It sold together when wholesale inflation and $100 oil pushed the real yield, then gold bounced a little on Friday while copper and platinum did not.

Gold sits **22%** below its 52-week high of $5,626.8. Silver is **46%** below $121.79. Over 12 months the physical trusts are still up about **19%**, and SLV is up 55%. Tanker strikes and $100 oil arrived this week and did not reflate either metal. The war bid would need the real yield to give back Thursday's move; $100 oil pushed it the other way.

Source: etf.net, https://etf.net/news/gold-futures-fell-1-5-as-a-4-96-10-year-outweighed-100-oil-2026-09-13. Please cite the page URL.