1. U.S. stocks slipped on Monday, pointing to a retreat from a powerful rally fueled by potential rate-cut hopes. The Dow Jones Industrial Average and the S&P 500 both fell around 0.2%. The tech-heavy Nasdaq Composite dropped 0.3%. Wall Street is coming off a rally that saw the Dow Jones Industrial Average surge over 800 points, or 1.8%, to 45,631.74, to reach its first record of 2025. The S&P 500 gained 1.5%, finishing just shy of a fresh all-time high. The Nasdaq jumped 1.9% as investors cheered signals from Federal Reserve Chairman Jerome Powell that rate cuts could start as early as September. Looking ahead, the spotlight turns to Friday’s July PCE inflation report, the Fed’s preferred inflation gauge. Economists expect core PCE to rise 2.9% year over year, slightly higher than June’s 2.8%.
2. Gold and silver prices are higher in early U.S. trading Thursday, with gold scoring a three-week high and silver a five-week peak. Both markets are being supported by technical buying as their near-term chart postures have become more bullish recently. Losses in the U.S. dollar index today are also a positive for the two precious metals. December gold was last up $14.60 at $3,464.40. September silver prices were up $0.467 at $39.18.
3. U.S. consumers remain slightly more optimistic than expected, even as overall consumer confidence struggles. The Consumer Confidence Index dropped to 97.4, down from July’s revised reading of 98.7. “Consumer confidence dipped slightly in August but remained at a level similar to those of the past three months,” said Stephanie Guichard, Senior Economist, Global Indicators at The Conference Board. Mixed sentiment data is not having much impact on gold, as the price continues to hold its recent gains below key resistance at $3,400 an ounce. Some analysts have warned investors that stable consumer confidence could dampen safe-haven demand for the precious metal. Although consumer confidence was slightly better than expected, the report showed consistent weakness in its components. The Present Situation Index, based on consumers’ assessment of current business and labor market conditions—fell by 1.6 points to 131.2. At the same time, the Expectations Index, based on consumers’ short-term outlook for income, business, and labor market conditions, decreased by 1.2 points to 74.8.
4. Sales of new U.S. single-family homes fell in July following a sharp upward revision to the prior month’s sales pace, and the overall trend remained consistent with a housing market struggling in an environment of high mortgage rates. New home sale units dropped 0.6% to a seasonally adjusted annualized rate of 652,000 units last month. The sales pace for June was upgraded to a rate of 656,000 units from the previously reported pace of 627,000 units. Economists polled had forecasted new home sales, which make up more than 10% of U.S. home sales, would rise to a rate of 630,000 units. New home sales, which are counted at the signing of a contract, are volatile on a month-to-month basis and subject to big revisions. They decreased 8.2% on a year-over-year basis in July.
5. The U.S. economy rebounded this spring from a first-quarter downturn. In an upgrade from its first estimate, the Commerce Department said Thursday that U.S. gross domestic product, the nation’s output of goods and services — expanded at a 3.3% annual pace from April through June after shrinking 0.5% in the first three months of 2025. The department had initially estimated second-quarter growth at 3%. The Commerce Department reported that consumer spending and private investment were a bit stronger in the second quarter than it had first estimated. Consumer spending, which accounts for about 70% of GDP, grew at a 1.6% annual pace, lackluster but better than 0.5% in the first quarter and the 1.4% the government initially estimated for the second.
6. The number of Americans filing new applications for jobless benefits fell last week, but tepid hiring could raise the unemployment rate to 4.3% in August. Initial claims for state unemployment benefits decreased 5,000 to a seasonally adjusted 229,000 for the week ended August 23, the Labor Department said on Thursday. Economists polled had forecasted 230,000 claims for the latest week.
7. Crude oil prices were set for another weekly rise after additional 25% tariffs on Indian exports to the United States kicked in on Wednesday, raising doubts about the supply of Russian crude. At the time of writing, Brent crude was trading at $68.17 per barrel, with West Texas Intermediate at $64.20 per barrel, both slightly down from Thursday’s close as the end of driving season in the United States comes and the seasonal fuel demand peak passes.
8. EUR/USD edges up late in the North American session on Thursday, as the dollar fails to gain traction on upbeat U.S. data. At the time of writing, the pair trades at 1.1688, up 0.43%. Despite this, the Euro’s advance might be short-lived, as French Prime Minister Bayrou called for a confidence vote amid an environment in which the country lacks a budget, increasing his chances of being sacked.
9. USD/JPY has faded its uptick to 147.50 in Asian trading on Thursday. The pair faces headwinds from BoJ Nakagawa’s hawkish comments, which lift the Japanese Yen. Reports that the Japanese trade negotiator canceled his visit to the U.S. fueled the early advance in the pair. U.S. Q2 GDP revision, Jobless Claims and Pending Home Sales data are next on tap.
A key Fed-watched measure of inflation rose as expected in July, new government data showed Friday. The “core” Personal Consumption Expenditures index, closely studied by the central bank, rose 0.3% on a monthly basis and 2.9% on an annual basis, above the Fed’s 2% inflation target. Both numbers matched economist expectations, though the annual pace marked the biggest rise since February.
The Federal Reserve may have been late raising interest rates as inflation surged in 2021, but measures of inflation expectations throughout that period showed broad belief that prices would cool, a fact that made the battle easier and less costly to wage, with bond markets even tightening financial conditions well before the U.S. central bank hiked borrowing costs. It’s easy to forget how remarkable it was that the Fed was able to look through 7% to 8% inflation while maintaining almost completely anchored long-term inflation expectations. For now, Fed policymakers are expected to begin cutting interest rates at their September 16-17 meeting.
Mortgage rates moved slightly downward this week, hitting new year-to-date lows. The average 30-year fixed-rate mortgage fell to 6.56% this week, from 6.58% a week earlier, according to Freddie Mac data. The average 15-year mortgage rate was unchanged at 5.69%. Traders currently see 87% odds of a 25-basis-point rate cut at the Fed’s September meeting. Mortgage application trends have been mixed despite recent lower rates. Applications to purchase a home were up 2% through Friday compared to a week earlier, according to the Mortgage Bankers Association. Refinancings, meanwhile, dropped 4%.
U.S. consumer spending increased by the most in four months in July while services inflation picked up, but economists did not believe the signs of strong domestic demand would prevent the Federal Reserve from cutting interest rates next month against a backdrop of softening labor market conditions. The report from the Commerce Department on Friday showed mild price pressures from tariffs on imports. Consumer spending, which accounts for more than two-thirds of economic activity, rose 0.5% last month after an upwardly revised 0.4% gain in June, according to the Commerce Department’s Bureau of Economic Analysis.
Volatility should be expected to remain high as investors will be closely watching for hints on the upcoming monetary policy direction. Many investors have redoubled their efforts to ensure that their portfolios are sufficiently diversified in the hope that they will be able to withstand corrections in multiple market sectors. Many of these investors have included physical precious metals as part of their diversification plans, given their long history as a hedge against both inflation and during times of economic turmoil. Remember, the key to profitability through the ownership of physical precious metals is to own the physical product and hold it for the long term. Always remember that you should never overextend your ability to maintain ownership of your precious metals over the long run.
Trading Department – Precious Metals International Ltd.
Friday to Friday Close (New York Closing Prices)
| Aug. 22, 2025 | Aug. 29, 2025 | Net Change | ||
| Gold | $3,374.45 | $3,443.82 | 69.37 | 2.06% |
| Silver | $39.02 | $39.78 | 0.76 | 1.95% |
| Platinum | $1,365.56 | $1,372.15 | 6.59 | 0.48% |
| Palladium | $1,132.95 | $1,108.50 | -24.45 | -2.16% |
| Dow | 45631.74 | 45545.78 | -85.96 | -0.19% |
Month End to Month End Close
| July. 31, 2025 | Aug. 29, 2025 | Net Change | ||
| Gold | $3,294.76 | $3,443.82 | 149.06 | 4.52% |
| Silver | $36.63 | $39.78 | 3.15 | 8.60% |
| Platinum | $1,292.07 | $1,372.15 | 80.08 | 6.20% |
| Palladium | $1,185.60 | $1,108.50 | -77.10 | -6.50% |
| Dow | 44130.98 | 45545.78 | 1414.80 | 3.21% |
Previous Year Comparison
| Aug. 30, 2024 | Aug. 29, 2025 | Net Change | ||
| Gold | $2,499.78 | $3,443.82 | 944.04 | 37.76% |
| Silver | $28.82 | $39.78 | 10.96 | 38.03% |
| Platinum | $928.60 | $1,372.15 | 443.55 | 47.77% |
| Palladium | $968.60 | $1,108.50 | 139.90 | 14.44% |
| Dow | 41562.95 | 45545.78 | 3982.83 | 9.58% |
Here are your Short-Term Support and Resistance Levels for the upcoming week.
| Gold | Silver | |
| Support | 3329/3286/3261 | 38.29/37.50/36.16 |
| Resistance | 3421/3464/3485 | 39.64/40.43/41.78 |
| Platinum | Palladiumn | |
| Support | 1351/1311/1259 | 1101/1072/1052 |
| Resistance | 1404/1444/1497 | 1150/1170/1197 |