The morning briefing from Chapman Gold: what moved the gold market and why it matters. Prices in the banner above are live.
Gold slips to one week lows after a hot producer price print
Gold was hanging close to one week lows near 4,310 dollars an ounce in early trading on Friday, nursing heavy losses after US producer price data came in hotter than expected. The PPI rose 0.4 per cent last month after an upwardly revised 0.1 per cent gain in July, and 5.4 per cent in the twelve months through August after 4.8 per cent in July (FXStreet, 11 September). Our own live feed had recovered some of that by 8am, reading 4,355.10 dollars an ounce, or 103.53 pounds a fine gram (Chapman Gold markets feed, 11 September).
The Fed trade flips from a cut to a hike
Markets ramped up their bets on a September rate hike to 72 per cent after the producer price reading, from roughly 60 per cent beforehand, on the CME Group's FedWatch tool (FXStreet, 11 September). Rising inflation expectations took Treasury yields higher and the dollar with them, and a metal that pays no yield tends to lose ground when both move together. The Federal Open Market Committee meets on 15 and 16 September.
This afternoon's inflation figure is the last word before that meeting
The August consumer price index is published at half past one this afternoon, British time, and it is the final major inflation release before the Fed convenes next week (US Bureau of Labor Statistics release schedule). Annual core CPI is expected to come in at 2.4 per cent, with the monthly core rate steady at 0.2 per cent (FXStreet, 11 September). A soft number takes the pressure off gold; a second hot one in two days does not.
Oil back above 100 dollars for the first time since the spring
Oil topped 100 dollars a barrel for the first time in nearly four months amid Middle East tensions (FXStreet, 11 September). Our own feed priced Brent at 105.85 dollars and West Texas Intermediate at 101.05 dollars this morning (Chapman Gold markets feed, 11 September). It cuts both ways for gold: dearer energy feeds the inflation expectations currently working against the metal, while the tension behind the price is the sort of thing that sends buyers towards it.
China's central bank keeps buying, whatever the price does
The People's Bank of China added the most gold since 2023 in August, lifting its holdings by 650,000 ounces, roughly 20 tonnes by our arithmetic, and extending its run of monthly purchases to 22 months (Bloomberg, 7 September). Official sector buying is the slow moving support underneath the price, and it does not turn on a single inflation print. It is worth keeping in view on a morning when the screens are red.
Silver holds up better than gold, and the deficit behind it
Silver gave up less ground than gold overnight and our feed had it at 64.40 dollars an ounce this morning, putting the gold to silver ratio near 68 (Chapman Gold markets feed, 11 September). The Silver Institute and Metals Focus expect a sixth consecutive year of structural deficit in 2026, widening to 46.3 million ounces from 40.3 million in 2025, with 762 million ounces drawn from global stocks since 2021 to cover the gap (The Silver Institute and Metals Focus, reported by GoldSilver).
Sources: FXStreet, CME Group FedWatch, the US Bureau of Labor Statistics, Bloomberg, The Silver Institute and Metals Focus, and Chapman Gold's own live markets feed. Compiled Friday 11 September 2026. Nothing here is investment advice; it is the news, read with a jeweller's eye. For what the market means in real terms, see The Gold Price, where the world is priced in gold.