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Gold rises as soft July inflation weakens case for September Fed hike
Comex gold for December gained 0.3% to $4,435.00 an ounce after dipping early, while money markets cut September hike odds to about one in three.
Gold edged higher in New York on Friday after early profit taking, as traders reassessed the outlook for the September Federal Reserve rate decision in light of soft July inflation data. Gold for December delivery, the most active Comex contract, rose 0.3% to $4,435.00 an ounce, recovering from an early slide to $4,365.50 and reaching $4,454.60 at its intraday peak.
In spot trading, bullion fell as low as $4,332 an ounce before steadying around $4,353.27 in early afternoon London time, up 0.1% on the day. Gold was left little changed for the week after a rally that pushed the metal back above $4,500 in New York, including a 10-week high on Thursday.
Silver also moved modestly higher, with September silver up 0.2% to $65.13 an ounce on the Comex and spot silver up 0.4% to $64.75. Reuters reported that markets have priced September hike odds at roughly one in three, down from more than 40% a week earlier, with traders looking ahead to fresh employment data and remarks from Fed chairman Kevin Warsh at the Jackson Hole symposium later this month.
BMI, a unit of Fitch Solutions, said in a weekly commodities strategy note that the precious metals complex is up more than 10% month to date and that gold is likely to average $4,400 an ounce for 2026. Separately, the Financial Times reported that Venezuela’s government and opposition jointly asked the Bank of England to release 31 tonnes of gold worth more than $4 billion at current prices to fund rebuilding after June earthquakes.
Latest closeGold $4,432.00 ▲1.6%|Silver $64.83 ▼0.1%