Track. Compare. Stay Informed.
GlobalBullionTracker.com | https://globalbulliontracker.com/ | Follow @TeamGBT2026 on X
GOLD HOLDS GAINS; SILVER CONSOLIDATES
Gold pushed to a more than two-month high above $4,400 Wednesday after softer U.S. inflation data reduced expectations for another near-term Fed hike. Profit-taking has pulled gold back to roughly $4,373 Thursday morning. Silver is near $64.41, down modestly from Monday despite reaching its highest level since June during Wednesday’s rally.
Metal | Monday AM | Thursday AM | Change |
|---|---|---|---|
Gold | ~$4,357 | ~$4,373 | +0.4% |
Silver | ~$65.03 | ~$64.41 | -1.0% |
WHAT'S DRIVING THE MARKET
Inflation cooled: July CPI rose just 0.1% month over month and 3.4% year over year, down from 3.5% in June. Core CPI rose 0.2% monthly and 2.5% annually. Combined with July's 23,000 payroll decline, the report reinforced the case for the Fed to remain on hold in September.
Fed expectations shifted: The probability of a September rate hike fell to roughly 36–40%, versus around 50% at the beginning of the week. Today's PPI report is the next major test.
Profit-taking: Gold's rapid move above $4,400 attracted selling Thursday morning, while a firm dollar limited the benefit from lower rate expectations.
INDIA
Indian benchmark prices continued higher through Wednesday:
IBJA Gold 999: ₹153,419 per 10g Wednesday PM, up roughly 1.6% from Monday morning.
IBJA Silver 999: ₹237,214/kg Wednesday PM, up roughly 1.7% from Monday morning.
India also proposed allowing foreign investors broader access to physically settled commodity derivatives including gold and silver, a move intended to increase liquidity and improve domestic price discovery.
CHINA
China's 21-month PBoC gold-buying streak remains the primary structural bullion story, but two additional developments are worth watching.
RMB infrastructure: China appointed Deutsche Bank as an RMB clearing bank in Europe, the first European lender to receive the designation. The move supports Beijing's broader effort to increase international use of the renminbi and develop financial infrastructure outside the dollar-centered system.
China is simultaneously expanding Hong Kong's role as an international bullion hub through closer links with the Shanghai Gold Exchange and greater physical storage and clearing capacity.
SILVER MARKET STRUCTURE
CME announced that its retail-focused 100-Ounce Silver futures will move to 24/7 trading beginning September 11, pending regulatory review.
That follows the successful introduction of weekend trading in CME's 1-Ounce Gold futures and could make silver more responsive to weekend geopolitical events and Asian-market developments instead of waiting for the traditional Sunday reopening.
WHAT TO WATCH
Today: July PPI
Friday: Retail sales and preliminary University of Michigan sentiment
Gold: $4,300 support / $4,400–$4,435 resistance
Silver: $63 support / $65–$66 resistance
September Fed-hike probabilities
Oil and Iran/Strait of Hormuz developments
KEY TAKEAWAY
The week's biggest development is that cooling inflation reinforced Friday's weak jobs signal, pushing expectations away from another September Fed hike and sending gold above $4,400 before Thursday's profit-taking.
India's physical benchmarks continue to rise, China is expanding both its bullion and RMB financial infrastructure, and CME's move toward 24/7 silver trading is an important structural change for global silver price discovery.
Track: GlobalBullionTracker.com
Subscribe: brief.globalbulliontracker.com
Follow: @TeamGBT2026
For informational purposes only. Not investment advice.
Sources: Reuters, U.S. Bureau of Labor Statistics, CME Group/CME FedWatch, India Bullion and Jewellers Association (IBJA), Securities and Exchange Board of India (SEBI), People's Bank of China, Deutsche Bank, Shanghai Gold Exchange, World Gold Council, Global Bullion Tracker.