Daily Market Report
➢ Gold drifts higher above $4,600 as the dollar debasement trade attracts fresh investors ahead of Fed Chair Warsh’s Jackson Hole comments today.
➢ Gold dropped over 1% after in-line US PCE inflation data, with the pick-up in price pressure reviving Fed rate hike concerns before recovering.
➢ Silver holds above $69.00 as traders assess the Fed’s policy stance ahead of Warsh’s speech, showing resilience despite the PCE-driven pullback in gold.
➢ Iran and Oman agreed a revenue deal on the Strait of Hormuz, marking concrete progress toward a partial reopening of the critical oil route.
➢ A tanker was hit by an unknown projectile in the Strait of Hormuz, underlining that security risks remain despite ongoing diplomatic progress.
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