Gold Nears Two-Month High Ahead of Wednesday's CPI Report

Source Summary

Gold traded near $4,450 per ounce Tuesday, reaching its highest level in approximately two months, as tensions over a stalled U.S.-Iran deal regarding the Strait of Hormuz kept oil prices elevated. Silver rose above $65 for a second consecutive session, hitting a seven-week high. The rally follows Friday's U.S. jobs report, which showed the economy lost 23,000 positions in July, reducing market expectations for a September Federal Reserve rate hike. Traders await Wednesday's inflation report to determine whether a September rate increase remains unlikely.