Gold Hits One-Week Low at $4,528 as Dollar Surges Above 99

Spot gold fell to a one-week low near $4,527.80/oz on May 16, extending a four-day selloff that erased nearly 4% from the week’s peak above $4,750. Hot April CPI and PPI prints on May 12-13 triggered an immediate repricing of Fed rate expectations, lifting the DXY above 99 and pushing 10-year yields to one-year highs. Escalating Iran tensions and a threatened closure of the Strait of Hormuz drove oil sharply higher, reinforcing inflation fears and overwhelming brief rebounds tied to Trump-Xi summit hopes, leaving bullion on track for its first weekly loss in several weeks.