Why gold does not always rise when inflation increases
Published . Updated .
Inflation can support demand for gold, but it is one part of a wider market calculation.
Directly affected
- No company is named in this report.
Indirectly affected
- GLD SPDR Gold Shares-3.3% 30d
SPDR Gold Shares: it follows gold or gold miners. Linked by “gold” (gold) in this story.
- GDX VanEck Gold Miners ETF-13.9% 30d
VanEck Gold Miners ETF: it follows gold or gold miners. Linked by “gold” (gold) in this story.
- TIP iShares TIPS Bond ETF-0.5% 30d
iShares TIPS Bond ETF: it is a common hedge when prices rise. Linked by “inflation” (inflation and prices) in this story.
- NEM Newmont-11.2% 30d
Newmont (gold and silver ores): gold miners' profits move with the gold price. Linked by “gold” (gold) in this story.
- WMT Walmart+11.3% 30d
Walmart (variety stores): big consumer-goods sellers feel price rises in costs and shopper demand. Linked by “inflation” (inflation and prices) in this story.
- AEM Agnico Eagle Mines-10.7% 30d
Agnico Eagle Mines (gold and silver ores): gold miners' profits move with the gold price. Linked by “gold” (gold) in this story.
- COST Costco Wholesale+11.5% 30d
Costco Wholesale (variety stores): big consumer-goods sellers feel price rises in costs and shopper demand. Linked by “inflation” (inflation and prices) in this story.
- PG The Procter & Gamble+9.4% 30d
The Procter & Gamble (soap, detergents, cleang preparations, perfumes, cosmetics): big consumer-goods sellers feel price rises in costs and shopper demand. Linked by “inflation” (inflation and prices) in this story.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| GLDNo price data for this ticker | — | — | — | — | — | — | — |
| GDX | +4.29% | -3.52% | base | after close | after close | after close | after close |
| TIPNo price data for this ticker | — | — | — | — | — | — | — |
| NEMNo price data for this ticker | — | — | — | — | — | — | — |
| WMTNo price data for this ticker | — | — | — | — | — | — | — |
| AEM | +3.70% | -3.75% | base | after close | after close | after close | after close |
| COSTNo price data for this ticker | — | — | — | — | — | — | — |
| PGNo price data for this ticker | — | — | — | — | — | — | — |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
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Why gold does not always rise when inflation increases Philstar.com
Source: Philstar.com
How far Spdr Gold Trust (GLD) has moved since 28 Oct 2026
| Company | When | Move | Status |
|---|---|---|---|
| Agnico Eagle Mines (AEM) | three days earlier | -3.75% | final price |
| Agnico Eagle Mines (AEM) | five days earlier | +3.70% | final price |
| Vaneck Etf Trust (GDX) | three days earlier | -3.52% | final price |
| Vaneck Etf Trust (GDX) | five days earlier | +4.29% | final price |
Trades by members of Congress and officials in the stocks in this story
- Donald J Trump, an executive branch official, bought Newmont (NEM), worth $1,001 - $15,000 on 24 Aug 2026. That is 65 days before publication. Filed 8 Oct 2026. View the filing.
- Rep. Jonathan Jackson sold Walmart (WMT) (jointly held), worth $50,001 - $100,000 on 28 Sep 2026. That is 30 days before publication. Filed 19 Oct 2026. View the filing.
- Rep. Rohit Khanna bought Walmart (WMT) (held by a spouse), worth $1,001 - $15,000 on 25 Sep 2026. That is 33 days before publication. Filed 7 Oct 2026. View the filing.
- Rep. Rohit Khanna sold Walmart (WMT) (held by a dependent child), worth $15,001 - $50,000 on 11 Sep 2026. That is 47 days before publication. Filed 7 Oct 2026. View the filing.
- Rep. Rohit Khanna bought Costco Wholesale (COST) (held by a spouse), worth $1,001 - $15,000 on 25 Sep 2026. That is 33 days before publication. Filed 7 Oct 2026. View the filing.
- Rep. Richard W. Allen sold Costco Wholesale (COST) (held by a spouse), worth $1,001 - $15,000 on 18 Sep 2026. That is 40 days before publication. Filed 14 Oct 2026. View the filing.
- Rep. Rohit Khanna bought Costco Wholesale (COST) (held by a dependent child), worth $1,001 - $15,000 on 11 Sep 2026. That is 47 days before publication. Filed 7 Oct 2026. View the filing.
- Rep. David J. Taylor sold Procter & Gamble (PG), worth $1,001 - $15,000 on 12 Oct 2026. That is 16 days before publication. Filed 15 Oct 2026. View the filing.
- Rep. Rohit Khanna bought Procter & Gamble (PG) (held by a spouse), worth $1,001 - $15,000 on 25 Sep 2026. That is 33 days before publication. Filed 7 Oct 2026. View the filing.
- Rep. Rohit Khanna bought Procter & Gamble (PG) (held by a dependent child), worth $1,001 - $15,000 on 11 Sep 2026. That is 47 days before publication. Filed 7 Oct 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
Who is named in “Why gold does not always rise when inflation increases”
Companies mentioned with this story
- GLD Spdr Gold Trust
For “Why gold does not always rise when inflation increases,” Spdr Gold Trust (GLD) is linked, with no stored direction, medium confidence. Reason on file: SPDR Gold Shares: it follows gold or gold miners. Linked by “gold” (gold) in this story
- GDX Vaneck Etf Trust
For “Why gold does not always rise when inflation increases,” Vaneck Etf Trust (GDX) is linked, with no stored direction, medium confidence. Reason on file: VanEck Gold Miners ETF: it follows gold or gold miners. Linked by “gold” (gold) in this story
- TIP Ishares Tr
In “Why gold does not always rise when inflation increases,” Ishares Tr (TIP) is linked, with no stored direction, medium confidence. Reason on file: iShares TIPS Bond ETF: it is a common hedge when prices rise. Linked by “inflation” (inflation and prices) in this story
- NEM Newmont
Newmont (NEM) is linked, with no stored direction, medium confidence in the 28 Oct 2026 story “Why gold does not always rise when inflation increases.” Reason on file: Newmont (gold and silver ores): gold miners' profits move with the gold price. Linked by “gold” (gold) in this story
- WMT Walmart
Walmart (WMT) is linked, with no stored direction, medium confidence in the 28 Oct 2026 story “Why gold does not always rise when inflation increases.” Reason on file: Walmart (variety stores): big consumer-goods sellers feel price rises in costs and shopper demand. Linked by “inflation” (inflation and prices) in this story
- AEM Agnico Eagle Mines
Agnico Eagle Mines (AEM) is linked, with no stored direction, medium confidence in the 28 Oct 2026 story “Why gold does not always rise when inflation increases.” Reason on file: Agnico Eagle Mines (gold and silver ores): gold miners' profits move with the gold price. Linked by “gold” (gold) in this story
- COST Costco Wholesale
In “Why gold does not always rise when inflation increases,” Costco Wholesale (COST) is linked, with no stored direction, medium confidence. Reason on file: Costco Wholesale (variety stores): big consumer-goods sellers feel price rises in costs and shopper demand. Linked by “inflation” (inflation and prices) in this story
- PG Procter & Gamble
Procter & Gamble (PG) is linked, with no stored direction, medium confidence in the 28 Oct 2026 story “Why gold does not always rise when inflation increases.” Reason on file: The Procter & Gamble (soap, detergents, cleang preparations, perfumes, cosmetics): big consumer-goods sellers feel price rises in costs and shopper demand. Linked by “inflation” (inflation and prices) in this story
How “Why gold does not always rise when inflation increases” reaches Spdr Gold Trust (GLD)
The 28 Oct 2026 story “Why gold does not always rise when inflation increases” names Spdr Gold Trust (GLD) because of this story.
The link for Spdr Gold Trust (GLD) is this: SPDR Gold Shares: it follows gold or gold miners. Linked by “gold” (gold) in this story
Vaneck Etf Trust (GDX) is here too. Its reason reads: VanEck Gold Miners ETF: it follows gold or gold miners. Linked by “gold” (gold) in this story
Dates in the story, and the Spdr Gold Trust (GLD) price range
GDX traded between 78.92 and 89.70 across 20 sessions. The latest close on file is 81.02. GLD traded between 373.41 and 400.78 across 20 sessions. The latest close on file is 379.67. TIP traded between 103.77 and 105.67 across 20 sessions. The latest close on file is 105.27.
What the saved facts support for Spdr Gold Trust (GLD)
46 out of 100
“Why gold does not always rise when inflation increases” scores 46 out of 100. The score uses 1 sources, and 8 linked companies.