Gold prices are sharply down in midday U.S. trading Wednesday, following another cool U.S. price inflation report. Profit-taking is featured from the shorter-term futures traders, on a “buy the rumor, sell the fact” scenario after this week’s tame U.S. inflation numbers were already expected beforehand by traders. December gold was last down $29.10 at $2,478.70. September silver was down $0.446 at $27.335.

Initial applications for US fell last week by the most in nearly a year, potentially alleviating some concerns that the labour market is cooling too fast following last week’s disappointing jobs report. Initial claims decreased by 17,000 to 233,000 in the week ended Aug 3, according to Labor Department data released on Thursday. That was helped by fewer applications in states that had registered large increases in recent weeks, such as Michigan, Missouri and Texas. Gold surge by 1.8% to 2426.5 US$/OZ.

In a tumultuous day of trading, gold futures experienced a significant downturn, mirroring the broader market sell-off that swept across various asset classes. The most active December contract for gold plummeted nearly $100 in volatile trading, opening at $2,490.30 and reaching an intraday high of $2,500.80 before succumbing to intense selling pressure.

Gold prices are firmly higher in midday U.S. trading Thursday, on some safe-haven demand amid heightened Middle East tensions, some weaker U.S. economic data and a dovish lean by the Federal Reserve this week. December gold was last up $18.00 at $2,490.10. September silver was down $0.308 at $28.635.

The Federal Open Market Committee held the federal funds rate in a range of 5.25% to 5.5% on Wednesday. Federal Reserve Chair Jerome Powell signaled central bank officials are on course to cut interest rates in September. What's next?

Trump’s stated policies and Harris’ uncertain position are both contributing to gold’s near-term safe haven appeal, while demand data and technical indicators show silver’s luster is fading, according to Rhona O'Connell, Head of Market Analysis at StoneX Bullion.

Gold prices rocketed through resistance late Tuesday morning to set new all-time highs as the yellow metal rides a wave of rate cut optimism and geopolitical fear into uncharted territory.

Gold prices edged lower on Tuesday as Treasury yields held firm, while investors digested comments from Federal Reserve Chair Jerome Powell and looked forward to U.S. jobs data due later this week for more signals on U.S. interest rate cuts.

Gold prices slipped on Tuesday, hurt by an uptick in the dollar and Treasury yields as investors awaited U.S. inflation data due later this week that could provide cues on the timing of interest rate cuts by the Federal Reserve this year.

Although gold and silver are stuck in neutral at elevated levels, one market analyst remains a long-term bull on precious metals.