Gold Falls 24% From Record High as May Inflation Hits 3-Year Peak

On June 14 2026, U.S. inflation printed 4.2% year-over-year for May, the highest reading in three years and up from 3.8% in April. Gold has fallen roughly 24% from its January peak of $5,589 per ounce, while the S&P 500 trades near all-time highs at 32 times earnings. Over the past 20 years gold has gained 655%, yet the S&P 500 delivered a 504% price return and 785% total return including dividends. Market commentary concludes that the S&P 500 ETF VOO remains the stronger long-term growth vehicle compared with the gold ETF GLD, which is viewed mainly as a hedge against dollar weakness.