Gold and Silver Break Out on Central Bank Buying, CPI Risk

Gold and silver ripped higher over the past two weeks, and the buyers driving the move are not the same buyers who chased the last rally. For more analysis, see our gold coverage . GLD, the SPDR Gold Trust, climbed from $374.16 on August 4 to $402.54 at Monday's high before easing back to $400.96, a roughly 7.2% move in six trading sessions. SLV, the iShares Silver Trust, ran even harder, up 11.6% from its August 3 low of $52.46 to an intraday peak of $59.72 before settling at $58.55. Spot gold futures traded near $4,446 an ounce as the market positioned into Wednesday's July CPI print. Key Takeaways Central banks bought a net 288.9 tonnes of gold in Q2 2026, up 62% year over year and the la…