5 September 2023
Gold and silver markets see some upward movement after trading lower since spring. Gold prices rise 1.2% to $1,950/ounce, while silver remains unchanged at $24.47/ounce this week. Platinum gains 1.8% at $985, and palladium dips 3.8% to $1,271/ounce. Signs of strength appear as markets anticipate the end of Federal Reserve rate hikes. Fed’s preferred inflation gauge shows a 4.2% annual rate, above the 2% target. Some speculate the Fed may raise the target to 3% or 4%. Investing in precious metals can protect against inflation, as history shows gold’s purchasing power grew from $20 to $2,000 per ounce in 100 years.