Gold, silver, and platinum remain firmly supported as softer U.S. inflation data and weak employment figures boost expectations of imminent monetary easing by the Federal Reserve. August’s surprise decline in producer prices, coupled with a disappointing nonfarm payrolls report, reinforced the view that the U.S. economy is slowing.
Markets now assign a 90% probability to a 25 basis point cut at the Fed’s September 16–17 meeting, with analysts warning that multiple cuts are possible before year-end. Historically, such policy pivots have been strongly supportive for gold and the broader precious metals complex. Adding to the risk premium is political uncertainty surrounding the Fed’s independence, highlighted by the ongoing legal effort to remove Governor Lisa Cook.
Gold (XAU/USD)
Fundamentals
Gold remains close to record highs, holding its gains as investors position for lower real yields and increased safe-haven demand.
Technicals
Spot gold hit $3,674.70 before consolidating near $3,648.06. The metal is trading well above its 50-day SMA at $3,389.4, keeping the bullish trend intact. Key resistance is forming at $3,750, and a close above this level could trigger a run toward $3,900. Initial support sits at $3,593 and $3,511, with the 50-day average providing a deeper floor.
Silver (XAG/USD)
Fundamentals
Silver is enjoying the same dovish tailwinds as gold, with easing inflation and softer labour market data lifting sentiment. Its dual role as both an industrial and monetary metal continues to draw buyers amid shifting growth expectations.
Technicals
Silver rose 0.8% to $41.19, holding comfortably above its 50-day SMA at $38.50. A recent peak of $41.67 is acting as near-term resistance, with a breakout paving the way toward $42.50. Support lies at $40.40 and $39.88, with momentum bullish while price remains above its short-term trendline.
Platinum (XPT/USD)
Fundamentals
Platinum surged 1.7% to $1,395.05, benefitting from strength across the metals sector and optimism that looser monetary policy will support industrial demand. Although often more volatile, platinum typically tracks gold in rate-sensitive markets.
Technicals
The price has regained its 50-day SMA at $1,377 and is consolidating above it. Immediate resistance sits at $1,400, followed by a target zone near $1,430. On the downside, support is seen at $1,366, where buyers are expected to step in if momentum eases.
Outlook
All three metals maintain a bullish bias, supported by dovish Fed expectations and favourable technical structures. Traders will now turn their attention to Thursday’s CPI release, which could determine the strength and durability of this rally’s next leg.
