16/08/2024: This Week in Gold 

Gold Price
Gold started the week trading at $2,431 per ounce and steadily climbed throughout, peaking at a new record high around the $2,500 mark. The metal’s rise was driven by investor expectations of a Federal Reserve rate cut in September, despite stronger than expected U.S. Retail Sales and Initial Jobless Claims data during the week.

Midweek, gold saw some resistance at $2,470, pulling back slightly after a robust Retail Sales Figure. Initially strengthening the U.S. dollar and dampening recession fears, gold’s upward momentum took a breather. However, renewed speculation around rate cuts bolstered gold prices.

At the time of writing, gold is trading at $2,488, on track for a weekly gain of over 2%.

Silver Price
Silver opened the week trading at $27.46 per ounce.
At the time of writing, silver is $28.36, and it is on track to close the week 3.2% higher.

Implications for the Gold and Silver Markets

This week’s economic data initially put pressure on precious metals, as data signalled resiliency in the economy. Nevertheless, rising speculation around potential interest rate cuts reignited investor interest in gold and silver as hedges against economic uncertainty. If the Fed moves towards a more dovish stance, it could further boost demand for these safe-haven assets, potentially pushing prices higher in the coming weeks.
  

Now that the week is coming to a close, be sure to check out our “This Week Ahead in Gold & Silver Markets”, for a detailed review of the week’s events and their potential impacts on the precious metals space.