Gold is up nearly 0.8% today, ahead of the August U.S. producer price inflation data, which will be released at 12:30 PM GMT. Silver and platinum are also gaining, rising by over 1% and nearly 3%, respectively. A lower-than-expected U.S. inflation reading could serve as an additional catalyst for metals. The market is forecasting a 3.5% year-on-year increase, compared with 3.7% in July.
Given the very strong fundamentals—further reinforced by geopolitical factors and massive government deficits—along with rising expectations of interest rate cuts in the United States, we can expect the rally in precious metals to continue. In the longer term, the $4,000 per ounce area may serve as a strong resistance zone. Today, the geopolitic is probably the major gold mover, as NATO is near the Article 4 after the drones incident in Eastern Poland.
Source: xStation5
Crypto news: Bitcoin rebounds after the sell-off 📈Ethereum above $4000
US OPEN: "Green" Start to the Week on Wall Street
OpenAI Announces Partnership with Broadcom. Company Shares Soar!
GOLD is breaking new records 📈
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
