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Gold at $4,417 as CFTC Positioning Data Lags a Two-Week Rally Into CPI

Published August 11, 202610 min read

Illustration depicting a gold bar, copper rings, and oil blobs, with copper rings tied to a file cabinet moving towards an open door. — The gold, copper, and oil setups riding alongside the CPI print. Illustration: MarketIntelLabs

Gold spot touched a fresh record near $4,417 an ounce Tuesday morning, up 0.59% on the day and 10.38% over the trailing month, according to Trading Economics data retrieved this morning. That is the second straight week of gains following last week's post-payrolls rally of more than 7%, and the move is running almost entirely on positioning ahead of Wednesday's July CPI print at 8:30am ET, the next binary catalyst for Fed rate-cut odds under new Chair Kevin Warsh.

Key Takeaways Gold spot hit a fresh record near $4,417/oz Tuesday, up 10.38% over the trailing month (Trading Economics). GLD closed at $402.54 (+1.02%) and SLV at $59.41 (+3.32%), both fresh 30-day highs, with silver outrunning gol…

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