Today, Wednesday 15 July 2026, gold sits around 4,034 dollars per troy ounce, down 0.44 percent from yesterday. Silver trades around 58.13 dollars, minus 0.77 percent. At first glance a quiet day, but anyone looking only at that snapshot misses the story of the past forty-eight hours.
On Tuesday, the US Bureau of Labor Statistics released the inflation figures for June, and they came in much better than expected. Gold reacted at once with a jump to 4,089.10 dollars, a gain of 2.22 percent in a few hours. Silver even rose 2.78 percent to 59.12 dollars. Yet much of that gain had melted away again before the end of the trading day. Why a good inflation report did not lift the gold price lastingly, and what that means for those wanting to sell old gold or silver today, you can read below.
What the inflation figure precisely showed
US consumer prices fell 0.4 percent in June compared with May, while economists had expected only a 0.1 percent drop. It is the sharpest monthly decline since April 2020. On an annual basis, inflation slowed from 4.2 to 3.5 percent. Core inflation, which leaves out volatile items such as energy and food, was flat on the month and fell on an annual basis from 2.9 to 2.6 percent.
A large part of the decline came from the petrol price, which plunged by nearly 10 percent after a brief ceasefire between the US and Iran earlier this month. Less inflation usually means less pressure on the Federal Reserve to keep rates high, and that is what investors first priced in on the gold market.
Why the gain melted away so quickly
That same Tuesday, Fed chair Kevin Warsh testified before the House of Representatives on the semi-annual monetary policy. Investors hoped for a signal that the Fed is closer to a rate cut. That signal did not come.
“High inflation has been an undue burden on American households and businesses. We share a resolute commitment to restoring price stability.”
Those were the words of Kevin Warsh, chair of the Federal Reserve, on 14 July 2026 in his testimony before Congress, according to the official text on federalreserve.gov.
Warsh nowhere commented on the timing of a possible rate cut. That weighs, because at the Fed’s June meeting 9 of the 18 policymakers already expected at least a rate hike in 2026 rather than a cut. Without a clear dovish signal from the chair himself, traders stayed cautious. By the close, gold gave up most of its morning gain and ended at 4,052.80 dollars, a gain of 1.32 percent. Silver closed at 58.65 dollars, up 1.95 percent. Today, Wednesday, Warsh testifies for the second day in a row, this time before the Senate, and the rate slips further.
What this means for those wanting to sell old gold or silver
Gold and silver can rise two percent on one and the same day and give part of that back the next. The weight and fineness of your jewellery, coins or cutlery do not change with it. Only the daily rate at which a buyer calculates shifts along with the market.
This week shows well how unpredictable the short term is. A favourable inflation figure, on paper good news for savers and the economy, held the gold price up for barely half a day. Anyone waiting for the right moment to sell is waiting for something no one can predict with certainty, not even analysts. A buyer calculates the pure metal value of your pieces based on the current rate, the exchange rate between the euro and the dollar, and the fineness. That calculation you can have redone every day, without commitment or obligation.
In short
A surprisingly weak US inflation figure pushed gold and silver briefly higher on Tuesday, but Fed chair Kevin Warsh gave no signal that a rate cut is getting closer. By Wednesday the rate slipped back to well below Tuesday’s peak. Anyone with old gold or silver at home would do well to see the daily rate as a snapshot and not be guided by a single striking headline.