Gold Spot Price $6174.16

Silver Spot Price $91.51

Platinum Spot Price $2437.94

Central banks appear prepared to wait for clearer economic signals, with the Reserve Bank of Australia holding the cash rate at 4.35% and the US Federal Reserve also expected to leave rates unchanged at its next meeting. The RBA’s pause offers some breathing room for Australian households, although the board continues to warn that another increase remains possible if inflation fails to moderate.

In the United States, consumer prices increased modestly during July, while annual CPI eased slightly from 3.5% to 3.4%. Inflation therefore remains above the Federal Reserve’s preferred level, but the latest data has strengthened expectations that policymakers will hold rates steady rather than risk unnecessarily slowing the economy.

The latest Producer Price Index provided further encouragement, with US producer prices unchanged for the month against expectations of a 0.2% increase. PPI measures price movements earlier in the supply chain, before they potentially reach consumers. A flat result suggests businesses are experiencing less immediate pressure to raise retail prices, particularly as energy and food costs declined during the month.

Gold and silver enjoyed a strong week before giving back a small portion of their gains. Importantly, both metals remain above their 50-day moving averages, leaving their technical positions looking considerably healthier than they did only a week ago. With interest rates on hold, wholesale inflation cooling and economic uncertainty still elevated, precious metals may have regained some of the momentum that had been missing through recent months.

Enjoy today’s charts

Gold daily chart, with 50MDA