Gold Edges Higher Above $4,700 Despite Hotter US Inflation, Trump–xi Summit in Focus

FXStreetMay 13, 2026 12:16 AM

View all comments（0）



Gold price posts modest gains around $4,720 in Wednesday’s early Asian session.
US CPI inflation rose to 3.8% in April, hotter than expected.
Trump and China’s Xi Jinping are set to meet on Thursday and Friday.

Gold price (XAU/USD) trades with mild gains near $4,720 during the early Asian session on Wednesday. However, the potential upside for the precious metal might be limited due to hotter-than-expected US inflation and shifting geopolitical tensions. Traders will take more cues from the US April Producer Price Index (PPI) report, which is due later on Wednesday.

Data released by the Bureau of Labor Statistics on Tuesday showed that the US Consumer Price Index (CPI) climbed 3.8% YoY in April, compared to 3.3% in March. This figure came in hotter than the expectation of 3.7% and registered the highest since May 2023.

On a monthly basis, the headline CPI rose 0.6% in April versus 0.9% prior, matching analysts' estimate. Meanwhile, the core CPI, which excludes volatile food and energy prices, rose 0.4% and 2.8% on a monthly and yearly basis, respectively.

Following the hot US inflation data, traders raised the odds for a Federal Reserve (Fed) rate hike by the end of the year to about 30%, according to the CME FedWatch tool. This, in turn, could weigh on the yellow metal. It’s worth noting that Gold is often used amid geopolitical uncertainty but does not yield interest, making it less attractive when interest rates are high.

Traders will keep an eye on US President Donald Trump and Chinese President Xi Jinping meeting in Beijing on Thursday and Friday. It will be Trump’s first trip to China since 2017. Trump said on Tuesday that he would prioritize trade discussions during his summit with Chinese counterpart Xi Jinping and downplayed the amount of attention they would devote to the Iran war.

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.

Comments (0)

Click the $ button, enter the symbol, and select to link a stock, ETF, or other ticker.

Commenting Guidelines

Recommended Articles

Japan and South Korea Stocks Open Lower, Samsung Strike Storm and Higher-Than-Expected Inflation Disrupt Markets

TradingKey - On May 13, the Nikkei 225 Index opened 0.5% lower, while South Korea’s KOSPI Index opened down 1.7% before losses further widened to 3%.

Today’s Market Recap: US Inflation Hits 3-Year Peak as Market Braces for Trump’s China Visit and Fed Leadership Shift

April inflation hit a three-year peak of 3.8%, pressuring the Nasdaq and tech stocks. Markets are further braced by Kevin Warsh’s Fed Chair confirmation, the maintenance of Trump’s 10% global tariffs, and a high-profile U.S. business delegation preparing for a strategic state visit to China.

Copper Prices Near All-Time Highs. Citi: If Strait of Hormuz Is Unblocked, Price Will Rise to $15,000 by Year-End

TradingKey - Despite the ongoing US-Iran war and the continued closure of the Strait of Hormuz, copper prices maintain a solid floor. This Monday, LME (London Metal Exchange) three-month copper reached $13,637 per tonne at one point, marking its highest level since January 29. On the same day, LME three-month copper recorded a peak closing price of $13,952/tonne, with intraday prices briefly rising above $14,500/tonne.

Cerebras Systems IPO 2026: Date, Price, Valuation, and Whether CBRS Is Worth Buying

TradingKey - Cerebras Systems (CBRS) IPO prices May 13–14 at $125–$135/share. $26–$27B valuation, 20x oversubscribed, $510M revenue, 47% net margin, OpenAI 750MW deal. Everything you need to know.

AMD Q1 Earnings: Data Center Revenue Surges 57% Driving Results Above Estimates, Shares Rise Over 16% After Hours

TradingKey - On May 5 (ET), Advanced Micro Devices (AMD) released its first-quarter fiscal 2026 financial results after the market close. The company reported revenue of $10.253 billion, up 38% year-over-year, exceeding market expectations of $9.89 billion. Non-GAAP earnings per share (EPS) were $1.

Featured Tools