US core PCE annual inflation for August fell to 3%, below the 3.3% forecast and marking a six-month low, while the monthly rate came in at 0.2% versus expectations of 0.30%. The softer-than-expected data triggered a brief rally in precious metals, with gold rising over $10 to $4,205 per ounce and silver gaining $0.36 to $61.36.
Gold and silver prices fell sharply on Monday as rising bond yields reduced investor demand for non-interest-bearing assets, with gold futures dropping 3.34% and silver futures falling 5.1%. Major mining stocks including Sibanye Stillwater, Harmony Gold Mining, and Newmont Corporation declined in premarket trading, as investors weighed inflationary pressures and potential Federal Reserve rate hikes.