Commodities
Dollar Decline Fuels Gold and Silver Rally
The US dollar's decline and heightened fiscal concerns have led to a surge in gold and silver prices, according to the latest Kitco PM Report.
Spot gold rose 1.86% to $4,602.99 an ounce, while spot silver increased by 1.29% to $68.97 per ounce.
The US flash composite PMI hit its strongest reading in over four years at 56.0 in August, driven by a services reading of 56.8, but manufacturing declined to a five-month low at 53.2.
Fed minutes this week showed several officials remain prepared to raise rates if inflation doesn't cool down, but market pricing continues to lean towards a September hold.