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Gold tops $4,500 in New York as cooler US inflation lifts bullion
Comex December gold reached $4,502.70 an ounce, while the market priced about a 40% chance of a September Fed hike after July CPI matched median estimates.
Gold rose to a two-month high above $4,500 in New York on Wednesday, helped by a tame US inflation read that reduced pressure on the Federal Reserve to raise interest rates as soon as next month, Mining.com reports.
Comex December gold touched $4,502.70 an ounce, the most-active contract’s highest print since mid-June, and was trading about 0.7% higher at $4,473.00 by early afternoon. Spot gold rose as much as 1.6% to $4,438.20 and was up 1.2% to $4,422.34 as of 11 a.m. in New York, with recovery attributed in part to central bank buying led by China.
Silver outperformed, with Comex September silver climbing as much as 3.2% to $66.98, its highest level since June, and spot silver up 2.4% to $66.25. Platinum rose 0.9% to $1,771.30 and palladium gained 0.3% to $1,374 per ounce, while silver remains down about 8% in 2026 amid expectations the market stays in deficit.
The inflation data showed consumer prices rose 0.1% in July versus the prior month and 3.4% versus a year earlier, matching a Bloomberg economist median estimate, with core prices up 0.2% on the month and 2.5% on the year. Interest-rate swaps still indicated roughly a 40% chance of a September Fed hike, while two-year Treasury yields fell three basis points to 4.18%, and Saxo Bank’s Ole Hansen said gold needs to confirm a renewed bull-market advance, noting key support near $4,200 and an upside test around the 200-day moving average just below $4,500.
Latest closeGold $4,430.80 ▲1.6%|Silver $64.92 ▼0.3%|Platinum $1,756.80 ▲0.7%