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Aug 12, 12:10 PM - 04:10 PM UTC

Gold and Silver Prices Rebound

Gold prices rebounded on Wednesday, rising above the $4,400 level after a short-lived pullback as traders positioned for key economic data. Silver also resumed its uptrend with a notable daily gain of over 3%, pushing prices back above $66 per troy ounce after finding support.

Markets Focused on US Inflation Data

The US Dollar traded in a narrow range as market participants across asset classes awaited the release of the US Consumer Price Index (CPI) report. This inflation data is viewed as a critical factor for the Federal Reserve's upcoming monetary policy decisions, with analysts watching for clues on the future path of interest rates.

Geopolitical Tensions and Central Bank Policies in Focus

Geopolitical uncertainty in the Middle East, stemming from reports concerning Iran and shipping lanes, provided some support for safe-haven assets. In global economic policy news, China's central bank signaled it would maintain a loose monetary policy, while the Japanese Yen continued to show weakness against the US Dollar despite recent currency intervention.

Sources

1Silver Price Forecasts: XAG/USD resumes its uptrend, with bulls aiming for $67.172Swiss Franc weakens against US Dollar with US Inflation in focus3Japanese Yen: Remains vulnerable against US Dollar - UOB4British Pound: Budget uncertainty leaves Sterling vulnerable against Euro - Rabobank5British Pound holds steady above 1.3500 vs USD as traders eye US CPI ahead of UK GDP6Euro moves little against Canadian Dollar following German HICP data