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Gold edges toward $4,450 as oil geopolitics and CPI loom

Gold is testing a two-month high near $4,450 per ounce, while traders also weigh Wednesday’s CPI data after July jobs cooled September rate expectations.

Reported · Written up by our desk · Precious Metals

Gold prices pushed toward about $4,450 an ounce on Tuesday, hitting their best level in roughly two months, as markets looked ahead to Wednesday’s CPI report and digested oil market pressure tied to a stalled U.S.-Iran effort to reopen the Strait of Hormuz, OilPrice reports. Silver also extended its rise, moving above $65 for a second straight session and reaching a seven-week high. The precious-metals rally comes as traders recalibrate the balance between weaker labor-market signals and oil-linked inflation risks ahead of the Fed’s September meeting. Oil is complicating the “dovish” read from data, after Friday’s jobs report showed the U.S. economy shed 23,000 positions in July. That pushed the market’s odds of a September hike down to 46% from 67% a week earlier, according to Kalshi pricing cited by OilPrice. At the same time, geopolitics and policy demands have supported crude, with Brent rising toward $90 a barrel and WTI topping $84 Tuesday morning, extending Monday’s more than 5% jump. OilPrice adds that economists surveyed by Kiplinger expect July CPI to rise 0.1% month over month for headline inflation and 3.4% year over year, while core prices are expected to increase 2.5% year over year.

Latest closeGold $4,448.60 ▲2.5%|Silver $65.88 ▲4.0%|WTI crude $82.30 ▲5.3%

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