Athman Gold weekly market preview, Sunday May 10, 2026. Gold is at $4,715 per ounce at the start of the week. Here are the three events that will determine where it is by Friday, in plain language, with clear implications for buyers.
Event one: US CPI for April — Tuesday May 12, 8:30 AM Eastern. This is the most important number of the week. CPI measures how much prices rose in April compared to March. April was the month when oil averaged between $96 and $106 per barrel because of the Hormuz closure. That energy cost gets embedded in everything: transport, manufacturing, food logistics, utilities. Analysts expect a high number. If CPI comes in at 4% or above on an annual basis: gold likely falls $50 to $100, possibly toward $4,600, because the Fed cannot cut rates and may need to discuss hikes. 24K would move toward $147.84/gram or lower. If CPI comes in below 3.7%: gold surges $50 to $100 toward $4,800 and beyond because rate cut hopes revive. 24K would rise toward $154.30/gram or above. If CPI comes in between 3.7 and 4%: gold holds near current levels and waits for PPI.
Event two: US PPI for April — Wednesday May 13. Producer prices lead consumer prices by three to six months. A hot PPI tells you the worst of the inflation surge has not yet reached consumers, and more pain is coming. That is deeply negative for rate cut hopes and therefore negative for gold in the short term. A cooling PPI is an early sign that the oil shock’s inflationary effect is peaking, which is the most bullish signal gold can receive this month.
Event three: Iran’s response to the US peace proposal. Tehran is expected to convey its position through Pakistani intermediaries this week, following the intensive Qatar-US diplomacy this weekend. If Iran accepts the MOU framework — nuclear enrichment halt, Hormuz reopening, sanctions lifted — oil falls sharply, inflation fears ease, rate cut expectations return, and gold jumps. If Iran rejects: more Hormuz pressure, more inflation, more rate hike risk, gold under pressure.
Current prices: 24K — $151.62/gram | 22K — $138.98/gram | 21K — $132.66/gram All prices USD. Pre-event levels. Expect significant movement Tuesday through Thursday.
