No brakes on the gold train. Despite an early dip on Monday morning, gold continued to push higher this week, climbing up to $2,352 an ounce by Tuesday’s close. The safe-haven narrative remains one of the main drivers behind the momentum in the precious metal, as does the continued purchasing of gold by central banks across the globe. Tensions in the Middle East and Ukraine also continue to worry many market participants.
The rise comes ahead of the latest US inflation figures, set to be published later today courtesy of the Bureau of Labor Statistics. Expectations for the core inflation rate currently stand at 0.3% for the month-on-month and 3.7% for the year-on-year. Many traders will have their fingers crossed that the numbers do not come in any higher than that, fearing that the Fed may have to postpone any potential rate cuts until things calm down. Speaking of the Fed, we also have FOMC minutes to look forward to later in the day, which will no doubt offer some clues as to just how worried the Federal Reserve board members are about rising prices.
Although content to remain in gold’s shadow for the time being, silver is also part of the emerging picture. Prices continued to increase yesterday, breaching $28 an ounce for the first time since 2021. Easy to forget that despite gold establishing new all-time highs every other day, silver is nowhere close to breaking its own record, currently standing just shy of $50.
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