GOLD SETS NEW ALL-TIME RECORD HIGH OVER $2,500

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Gold moved over $2,500 per ounce after a series of economic reports this week solidified expectations of an interest rate cut by the Federal Reserve in September.

The U.S. consumer price index for July came in at the lowest level since March 2021, bringing inflation closer to the Fed’s 2% target on an annualized basis. The wholesale inflation measure, the producer price index, came out Tuesday and showed inflation rose less than expected last month.

U.S. initial jobless claims data Thursday showed that initial applications for unemployment benefits fell for a second week last week to the lowest level since early July, while U.S. retail sales for July increased after a drop in June. The retail sales data along with the jobless claims numbers strengthened the dollar, limiting Gold’s rally.

Headline CPI increased 0.2% this month from June, while the 12-month measure reached 2.9%, the lowest level in more than three years. “Core” CPI, which excludes volatile food and energy prices, met expectations and rose 0.2% for the month and 3.2% for the year. Separately, the PPI rose 0.1% last month. Excluding volatile food and energy prices, core PPI was flat. Year-on-year, headline PPI rose 2.2%, down from a 2.7% reading in June.

Labor Department data showed Thursday that initial jobless claims fell 7,000 to 227,000, below economists’ estimate for 235,000.

The new quotas, aimed at helping the People's Bank of China (PBOC) control how much bullion enters the world's leading consumer of the precious metal, were granted in August after a two-month pause largely due to slower physical demand in the wake of a bullish market.

Last Friday, Gold started rallying on Asian markets and it continued moving higher all day.
As trading moved from the Middle East into Europe, Gold moved above $2,480 per ounce. As trading moved from Great Britain into New York, Gold was approaching the key $2,500 level. Trading in New York was very active for a Friday with the highest trading volume of the week as the Gold price broke above the key $2,500 per ounce level. Gold closed last Friday at $2,508 per ounce, up $53 for the day.

Next week could be very exciting. Gold could stay above the $2,500 level, making new all-time highs, then start its move to $2,600 per ounce. Or, it could see some profit-taking and trade between $2,450 and $2,500 as it continues to build a firm base.

Today: In Monday overnight trading, Gold stayed between $2,494 and $2,511 in Asian markets. A weaker U.S. Dollar Index is helping to keep the Gold price above $2,500 per ounce. This morning was the first test of the key $2,500 level. There may be others, the key to the current rally is staying above that level.

Silver moved slightly higher during trading in Asia and the Middle East. Then, when Gold broke above $2,485 (A new all-time high), traders aggressively started buying Silver. Silver was trading around the $28.80 level most of the day, but when Gold broke above $2,500, the price quickly move past $29 per ounce. Silver on Friday was at $29.05 per ounce, up $0.65 for the day.

The Silver-to-Gold ratio continues to be a bargain at 86.33-to-1.

Today: In the face of a $2,500 Gold price, many investors are looking to Silver as a less expensive alternative. Demand for physical Silver is picking up in Asia and the Middle east. The Silver price stayed above $29 and hit a high of $29.52 before seeing some light selling.

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