Spot pricing for Gold $AU5216

Spot pricing for Silver $AU59.82

Spot pricing for Platinum $AU2210

Despite a fresh drop in leading economic indicators, US markets continue to edge higher. The US Conference Board reported a 0.3% decline in its Leading Economic Index for June marking yet another signal that economic momentum is slowing. Still, the US500 remains unfazed, continuing its upward trend and suggesting that investors are betting on a soft landing or further support from the Federal Reserve.

Gold surged to an all-time high of US$3,438 on Monday before pulling back slightly to US$3,422. The rally was fuelled in part by ongoing macroeconomic uncertainty and the relatively subdued inflation environment, confirmed by the latest US CPI figures. Released late last week, CPI came in at 0.3% for the month, keeping the year-on-year figure at a modest 2.7%.

With inflation largely under control and economic signals mixed, markets are navigating a strange split: soft fundamentals on one side, and continued bullish price action on the other.

All eyes will now turn to future Fed commentary and employment data for signs of where the economy and interest rates are heading next.

Enjoy today’s charts.

Gold daily chart, with 50MDA