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June 28th, 2024

Gold and silver rebounded Friday after PCE data showed inflation continues to cool, adding to the argument of rate cuts coming sooner rather than later in the second half of 2024. PCE remained flat in July and rose 2.6% year-over-year—both readings were in-line with estimates. Gold rose about 1% and is on pace to close the week out in the green; however, silver is poised to close down about 1% despite today’s rally. Stocks surged Friday with the S&P 500 hitting a record high before losing most of today’s gains in the afternoon.