The core CPI, excluding food and energy, slowed to 3.2%, slightly exceeding market expectations. While the Fed’s potential for further rate cuts could support gold later this year, the current policy stance limits its upside.
US Treasury yields fell from a 14-month high, providing some relief for gold. Moreover, uncertainties surrounding global trade policy and geopolitical tensions have dampened selling pressure, keeping gold from falling further.
Silver shows modest gains
Silver (XAG/USD) rose slightly to trade at 30.64, supported by a weaker dollar and falling bond yields. The metal is benefiting as an alternative safe haven amid mixed market sentiment and ongoing geopolitical uncertainties.
Market optimism about potential Fed policy has limited significant gains for silver, but its resilience underlines continued investor interest.
Short-term forecasting
Gold is trading at 2694.63, below its pivot point at 2697.33, indicating bearish momentum. Silver held steady at 30.64 and remained bullish above 30.55.