Gold prices regained lost ground on Wednesday to hover close to their all-time highs after minutes from the U.S. Federal Reserve's last meeting showed officials strongly leaned towards an interest rate cut at their September policy meeting. Spot gold was up 0.1% at $2,516.01 per ounce as of 2:42 p.m. ET (1842 GMT) after hitting a record high of $2,531.60 on Tuesday. U.S. gold futures settled 0.1% lower at $2,547.50.

Gold prices are modestly higher in midday U.S. trading Monday. December Comex gold futures today notched a record high of $2,549.90. Spot (cash) gold prices hit a new all-time high of $2,521.00 overnight. Bullish charts and safe-haven demand are driving the yellow metals prices higher and more upside is likely. Silver is sharply up and is likely to continue to be supported by gold’s price updraft. December gold was last up $7.50 at $2,545.40. September silver was up $0.531 at $29.37.

Recent economic data has set the stage for a potential interest rate cut by the Federal Reserve in September, as retail sales surged and inflation continued to cool. These developments have sparked optimism among investors and economists alike, signaling a possible shift in monetary policy.

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.

Global gold ETFs enjoyed their strongest month of inflows since April 2022 after North American funds finally joined their counterparts, according to data from the World Gold Council.

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.

Even as equities stumble, macroeconomic fears mount, and gold outperforms all commodities and most other assets with 16% gains in 2024, the overwhelming majority of portfolio managers still have small to non-existent exposure to the precious metal, the latest data from Asset Risk Consultants (ARC) shows.

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.

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.