CITIC Futures Precious Metals Daily: Weak Consolidation Persists Ahead of September CPI
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CITIC Futures' precious metals daily notes that bullion continues to trade heavy and range-bound under hawkish Fed rhetoric and high interest rates, with silver underperforming gold. Modest pullbacks in oil, the dollar and US Treasury yields offer marginal support, but energy-inflation worries and geopolitical risks cap any rebound. Cleveland Fed President Beth Hammack stressed the need for further tightening to fight inflation. Attention now turns to this week's US September core CPI and core PPI releases, retail sales data, and a speech by Fed official Kevin Warsh. Positioning flows remain constructive for gold: global gold ETFs are seeing strong inflows and China's central bank keeps adding to reserves. Silver looks less supported, with muted investment interest and only limited industrial-demand recovery, leaving it without an independent near-term catalyst. The desk expects precious metals to stay in consolidation; a strong rebound would require a shift in monetary policy expectations, so traders should watch the upcoming inflation prints and Warsh's remarks for direction.
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