The BLS released August final-demand PPI on the morning of September 10 in New York: a seasonally adjusted monthly increase of 0.4% and an unadjusted annual increase of 5.4%. These were the release’s initial figures. The following day’s CPI was still unavailable.
Goods prices rose 1.1% over the month and services 0.1%, with energy making the largest contribution to the goods increase. The two producer-price categories differed substantially. PPI and CPI have different baskets; the goods increase is not a matching increase in every household expense.
FRED’s ten-year nominal yield rose that day from the prior observation’s 4.83% to 4.95%, and the real yield from 2.46% to 2.55%. Higher yields match the direction of lower long-bond prices and fit opportunity-cost pressure on gold. Without an intraday sequence and expectations survey, the entire day’s price moves cannot be assigned to the morning’s PPI.
GLD lost about 1.7%, TLT 1.2%, SMH 2.4% and SPY 0.6%. Growing AI orders do not remove financing constraints on valuations. Semiconductors fell more than the broad index, with gold and long bonds closing lower too.
Historical backfill: compiled October 4, 2026, with observations limited to the date discussed and US prices through the September 10 New York close. Sources: BLS August PPI release, September 10; Yahoo Finance historical prices for GLD, TLT, SMH and SPY, September 9–10; FRED DGS10 and DFII10. GLD is an ETF proxy, not spot gold. FRED values are reconstructed by observation date without claiming intraday publication. Joint moves alone cannot identify causality. This article presents personal research and opinion for informational purposes only and does not constitute investment advice.