As expected, last week’s pause in the precious metals rally was short-lived, and all metals have resumed their upward ascent this morning. At the time of writing, gold is up $30/oz, and silver is up nearly $2/oz, or 6%. Platinum continues to climb, now firmly above the $1,000/oz threshold, trading at $1,064/oz.Most of the macro risk this week will be focused on Thursday and Friday’s US Core Personal Consumption Expenditure (PCE) and Consumer Price Index (CPI) figures. Meanwhile, the US dollar has been trending down lately (DXY 104+), which has been supportive of metal prices.On the geopolitical front, South Africa will hold its most significant federal election since Apartheid. In the past two weeks, we’ve seen the formal recognition of a Palestinian state by Ireland, Norway, and Spain. Benjamin Netanyahu has come under renewed criticism for attacks in Rafah that killed 45 people on Sunday night, including children. Global leaders have been highly critical of these acts, increasing pressure on the situation in the Middle East.More By This Author:Gold And Silver Rally Takes A Breather
Higher For Longer
Fed Continues To Struggle With Inflation
