Gold rebounds to $4,023.77 as markets await interest rate signals
Gold prices made a comeback on Tuesday, bouncing up 0.6% to $4,023.77 per ounce after hitting a two-week low earlier in the day.
US gold futures also rose to $4,030.30, recovering from yesterday's steep 3% slide, the biggest daily fall in over a month.
This uptick comes as traders keep an eye on inflation and what it might mean for interest rates.
FedWatch shows 76% September rate odds
Everyone's waiting for the June Consumer Price Index (CPI) report later today, plus more clues from upcoming Producer Price Index (PPI) numbers and testimony by Fed Chair Kevin Warsh this week.
With the CME Group's FedWatch Tool showing a higher chance of a September rate hike, now at 76%, market sentiment is shifting fast.
Federal Reserve Governor Christopher Waller even said more hikes could happen if inflation stays above target, which has stirred up gold prices and investor expectations.
Silver rises platinum slips palladium jumps
It wasn't just gold making moves: silver edged up 0.6%, platinum dipped slightly by 0.3%, and palladium jumped almost 2%.
These swings reflect how investors are reacting to all the buzz around inflation and possible changes in US interest rates.