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Gold and silver pause after rally as US data and Jackson Hole loom
Gold slipped from 4,697.07 and silver held below 70.01 as traders weigh Wednesday’s core PCE, durable goods and Q2 GDP data against a Friday Jackson Hole keynote from Fed Chair Kevin Warsh.
Gold and silver are pausing after a sharp run, with markets turning toward two catalysts in the next 48 hours. Gold has backed off from 4,697.07, while silver is consolidating below 70.01, and Action Forex said the move so far looks more like profit-taking than a technical reversal.
Underlying demand is still cited as supportive. Action Forex reported that gold-backed ETFs pulled in about 47 tonnes, roughly $6.4 billion, last week, the largest weekly inflow in about 10 months.
Attention now shifts to Wednesday’s US releases that could move Treasury yields, a key transmission channel for precious metals. The calendar includes July core PCE, durable goods, and the second estimate of Q2 GDP, which could affect whether yields and Fed expectations stay on track or reprice higher.
Friday adds a separate risk factor for the broader “fiscal-credibility” thesis behind the rally. Action Forex said Fed Chair Kevin Warsh’s first Jackson Hole keynote will be watched less for routine rate guidance and more for how he draws the line between Fed policy and Treasury financing pressures, with recent softer growth data already helping pull the 10-year yield to about 4.638% and the 30-year yield to about 5.174%.
Latest closeGold $4,432.00 ▲1.6%|Silver $64.83 ▼0.1%