Spot gold has just surpassed the $4,600.00/oz mark and is now quoted at $4,599.96/oz, up 0.12% on the day; the main COMEX gold futures contract is currently quoted at $4,653.90/oz, up 0.01% on the day.

Trump publicly stated that the United States should have the lowest interest rates in the world, and once again threatened to cut off trade with countries running trade deficits with the U.S. in order to pressure the Federal Reserve. However, the U.S. August CPI exceeded expectations, and the market currently prices the probability of a rate hike in September at 86%. Fed Chairman Waller faces completely opposite pressure—to raise rates. The U.S.-Iran war has persisted for seven months, and rising energy prices combined with tariff policies have created a complex situation for the Federal Reserve’s inflation target.