Gold & Silver Testing Support Levels After PPI Released

GOLD

Gold sold off this morning after the July Producer Price Index (PPI) showed it jumped 0.9%. This increases the lower expectation that the Federal Reserve will ease interest rates in September.
At the same time, headline PPI rose 3.3% in the 12 months ended in July, the largest 12-month increase since a 3.4% rise in February 2025.

At 11 am PT today, gold is trading at $3,337 per ounce, down $15 on normal volume.

SILVER

Silver has traded today above and below the key $38 per ounce level all day. The PPI number and a weaker gold price have put pressure on the silver price all day.

At 11 am PT today, silver is down $0.40 per ounce at $38 on average volume.