Gold prices have gained nearly 56% this year due to strong demand from central banks, ongoing geopolitical tensions, and rising expectations of rate cuts by major central banks. After a strong rally that pushed gold and silver to record highs this month, prices have started to cool off. Investors appear to be booking profits ahead of key US inflation data expected later this week, which could provide clues on the Federal Reserve’s next interest rate decision. In global markets, spot gold was trading lower at $4,113.54 per ounce as of 1:15 am GMT, while US gold futures for December delivery edged up 0.5% to $4,129.80 per ounce. Spot silver dropped 0.9% to $48.29 per ounce, platinum slipped 1.1% to $1,534.44, and palladium remained largely unchanged at $1,406.76 per ounce. Investors are now awaiting the US Consumer Price Index (CPI) data for September, which has been delayed due to the ongoing US government shutdown. The data will provide more clarity on inflation trends and could influence the Federal Reserve’s stance on interest rate cuts.
Gold and Silver Prices Falling Down, Is The Bullish Rally Ending?
