Gold slipped about $43.50 today, closing near $3,355 per ounce, down around 1.3%. After a solid run earlier this week, some investors stepped back to take profits while easing geopolitical worries reduced safe-haven demand.
Right now, the market is cautious. Traders are holding back ahead of key inflation data expected later this week and watching for any clear signals from the Federal Reserve. There’s growing talk the Fed may cut interest rates in September due to softer U.S. economic numbers.
Silver also retreated somewhat, trading around $37.85 per ounce, down about $0.49 or 1.3% on the day. Silver's slight pullback erased nearly half of the previous week’s gains but the metal continues to benefit from robust industrial demand, particularly from the solar and electronics sectors, and ongoing tight supply conditions.
Resistance levels for silver hover near $38.80 to $40.00, while immediate support is around $35.25. Market participants remain optimistic on the medium term as silver supply shortages persist, sustaining price support despite short-term fluctuations.
N/B: All screenshots are mine.
