US PPI for August 2026: On Forecast at 0.4%, Yet Gold Fell 0.814% in 10 Minutes
Producer prices rose 0.4% in August, exactly as forecast, and 5.4% from a year earlier against a 5.3% forecast. Gold was 0.814% lower ten minutes after the 08:30 ET release and 10-year Treasury futures 0.146% lower.
- Final demand producer prices rose 0.4% in August and 5.4% over 12 months; core rose 0.2% on the month against a 0.3% forecast.
- Goods prices rose 1.1% and services 0.1%; diesel fuel, up 24.1%, accounted for over a third of the goods increase.
- Ten minutes after the 08:30 ET release, gold was 0.814% lower, 10-year Treasury futures 0.146% lower, EUR/USD 0.225% lower and the Nasdaq 100 0.477% lower.
Reaction by asset (real prices)
| Asset | 2m before | At release | +1m | +10m | +1m % | +10m % |
|---|---|---|---|---|---|---|
| XAUUSD | 4372.60 | 4372.60 | 4360.90 | — | -0.27% | — |
US producer prices rose 0.4% in August, exactly the forecast, and markets still moved against inflation hedges. Gold was 0.268% lower one minute after the 08:30 ET release on September 10, 2026, and 0.814% lower ten minutes later. Ten-year Treasury futures were 0.146% lower over the same ten minutes, meaning yields rose, and EUR/USD was 0.225% lower as the dollar firmed.
The numbers
| Measure | August | Forecast | Previous |
|---|---|---|---|
| PPI final demand, month | 0.4% | 0.4% | 0.0% |
| PPI final demand, year | 5.4% | 5.3% | 4.7% |
| Core PPI, month | 0.2% | 0.3% | 0.2% |
| Core PPI, year | 4.6% | 4.6% | 4.2% |
Inside the index, goods prices rose 1.1% and services 0.1%. Diesel fuel alone jumped 24.1% and accounted for over a third of the goods increase, according to the Bureau of Labor Statistics.
The measured reaction
Moves are measured from the price just before the release crossed at 08:30 ET.
| Instrument | 1 minute | 10 minutes |
|---|---|---|
| Gold | -0.268% | -0.814% |
| Nasdaq 100 futures | -0.206% | -0.477% |
| EUR/USD | -0.061% | -0.225% |
| 10-year Treasury futures | -0.044% | -0.146% |
| USD/JPY | +0.019% | +0.087% |
Why an on-forecast print moved markets
The headline monthly number carried no surprise, but the rest of the release did. The annual rate came in a tenth above forecast at 5.4%, and the jump from 4.7% the month before came mostly from energy. An inflation pulse led by diesel keeps pressure on the Federal Reserve to lift rates, which raises Treasury yields and the dollar and makes gold, which pays no interest, less attractive to hold against them.
The shape of the move supports that reading. Gold, bonds and EUR/USD all moved in the direction higher expected rates imply, and all three kept moving between the first minute and the tenth instead of snapping back. Core producer prices, which exclude food and energy, rose less than forecast at 0.2%, which is why the pressure is about energy rather than broad price growth.
What the release does not settle
Producer prices measure what businesses receive, not what consumers pay. The consumer price report shows whether the diesel-led increase in August is reaching household prices, and that is the figure the Federal Reserve weighs more heavily.
What did the August 2026 PPI show?
Producer prices for final demand rose 0.4% in August and 5.4% over 12 months. Goods rose 1.1% and services 0.1%, and diesel fuel, up 24.1%, drove over a third of the goods increase.
Was the August PPI above or below expectations?
The monthly figure matched the 0.4% forecast. The annual rate of 5.4% was above the 5.3% forecast, and core producer prices rose 0.2% on the month against a 0.3% forecast.
How did gold and bonds react to the PPI release?
Gold was 0.268% lower one minute after the 08:30 ET release and 0.814% lower after ten. Ten-year Treasury futures were 0.146% lower after ten minutes, which means yields rose.
Sources
-
Producer Price Index News Release - August 2026
— U.S. Bureau of Labor Statistics
The PPI for final demand rose 0.4% in August, seasonally adjusted, and 5.4% for the 12 months ended in August.
-
Producer Price Indexes - August 2026
— U.S. Department of Labor
Final demand goods rose 1.1% and services 0.1% in August; diesel fuel prices jumped 24.1%, accounting for over a third of the goods increase.
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