Metals Close Session: Silver Leads Gains on Fed Comments, Gold Stable
The closing session today, Wednesday, May 13, 2026, saw a notable divergence among precious metals, with silver posting significant gains while gold traded with modest upticks. Copper also extended its gains, benefiting from an evolving macroeconomic landscape.
The confirmation of Kevin Warsh as the next Federal Reserve Fed chair was a dominant theme. While news of his appointment had surfaced earlier, the afternoon session focused on the interpretation of Fed members' comments regarding inflation and the potential trajectory of interest rates. The Fed, particularly member Collins, hinted that further interest rate hikes might be necessary to control inflation, a factor that traditionally weighs on non-yielding metals.
However, silver (XAG) demonstrated remarkable resilience, closing with a 3.35% gain at $88.46 USD/oz. This performance suggests that industrial demand and speculation on potential numismatic premium arbitrage could be driving its value, irrespective of inflationary pressures.
Gold (XAU) showed contained volatility, closing just 0.16% higher at $4694.10 USD/oz. Despite geopolitical tensions and the confirmation of the new Fed head, the safe-haven asset failed to surpass its opening level, indicating profit-taking or a lack of significant new bullish catalysts in the afternoon session.
Platinum (XPT) and palladium (XPD) registered solid advances, with gains of 2.62% and 2.19% respectively. These metals, often influenced by industrial demand and economic growth expectations, appear to be benefiting from a global economic outlook that, despite inflation concerns, still projects some strength.
Copper (HG) continued its upward trend, adding 1.26% and closing at $6.61 USD/oz. The strength in this industrial metal suggests robust underlying demand, possibly linked to strategic stockpiling activity and global infrastructure drives.
**Close by Metal**
* **Gold (XAU):** $4694.10 USD/oz (+0.16%). Sideways movement in the afternoon, without a clear direction following Warsh's confirmation and Fed comments on inflation.
* **Silver (XAG):** $88.46 USD/oz (+3.35%). Strong intraday rebound, overcoming general weakness in non-yielding metals, driven by demand factors and speculation.
* **Platinum (XPT):** $2174.60 USD/oz (+2.62%). Consistent gains, reflecting optimism in industrial and automotive demand.
* **Palladium (XPD):** $1523.00 USD/oz (+2.19%). Continued its upward trajectory, showing strength in the automotive sector.
* **Copper (HG):** $6.61 USD/oz (+1.26%). Extension of gains, supported by industrial demand and expectations of a mining and production cycle.
**Session Driver**
The closing session was marked by the interpretation of Federal Reserve Fed members' comments on monetary policy and inflation, alongside the market's reaction to Kevin Warsh's confirmation as its next chair. The divergence between gold and silver underscores the influence of metal-specific factors in the current environment.
**Tomorrow**
Investors will be closely watching U.S. employment data to be released tomorrow, which could provide clearer guidance on the Fed's monetary policy direction and, consequently, on the behavior of precious metals. Any additional statements from Fed officials will also be observed.
Sources
Kevin Warsh wins Senate confirmation as the next Federal Reserve chairWarsh wins confirmation as Fed chair, with inflation on the marchFed’s Collins says rate hikes may be needed to quell inflation