Global Metals Surge on Rate Hike Fears

Metals markets saw broad gains on August 11, with COMEX and SHFE gold, palladium, and iron ore rising by over 1%. The SHFE silver contract extended its winning streak to six days, up 3.08%.

The most-traded platinum futures contract rose 0.59%, while the most-traded palladium futures contract surged 1.92%. On the other hand, LME nickel eased 0.32%.

Cleveland Fed Chairman Hammack stated that inflation has yet to return to the target level and may require multiple rate hikes. The US dollar index dipped 0.03% to 99.78.