Daily Market Report
➢ Gold pulls back from its three-month high, failing ahead of $4,700 as Fed rate hike fears and escalating Middle East tensions revive USD support.
➢ Gold’s bullish momentum still has room to run, with analysts seeing potential to reach $5,000 if PCE softens and Warsh strikes a dovish tone at Jackson Hole.
➢ Silver corrects below $68 ahead of today’s US PCE inflation data, which could set the tone for Fed policy expectations heading into September.
➢ Iran’s Economy Minister warned that “enemies should wait for an attack,” sharply raising the risk of fresh military escalation.
➢ WTI holds ground above $84.50 as escalating US sanctions concerns on Iran keep the supply risk premium firmly in place.
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