Gold gained nearly 1% this week after already closing at a record last Friday on positive inflation data and a downward revision in jobs data, creating a perfect scenario for the Fed to begin cutting rates at next month’s meeting. Fed Chair Powell confirmed this sentiment today while speaking at the Jackson Hole conference, stating the time has come for them to begin rate cuts in September. Both metals and equity markets reacted positively to his remarks, with the S&P up about 1% heading into the final hour of trading. Markets have priced in about a 70% chance of a 25-bp cut next month, however a shocker in next week’s PCE could cause that to shift towards 50-bp, which would likely stir up market volatility for both metals and stocks.