Gold Slides $110 to $4,539 as Powell Exits and Inflation Fears Roar

On May 15, gold (XAUUSD) plunged $110 (-2.37%) to $4,539.39 as Fed Chair Jerome Powell exited and inflation anxieties intensified. The selloff followed April CPI surging to 3.8% YoY on May 12—the hottest reading since 2023—driven by a 17.9% energy spike and sticky 3.3% services inflation. Break-even rates hit multiyear highs (5-yr 2.7%, 10-yr 2.5%), pushing 10-yr Treasury yields to 4.597% and oil above $101, amplifying safe-haven demand earlier before higher real yields and a stronger dollar triggered the sharp reversal in precious metals.