Silver Rises Over 120% YTD 
Gold extended its gains following the release of US inflation data that aligned with market expectations, reinforcing beliefs that the Federal Reserve will reduce interest rates in their upcoming meeting.
While underlying inflation rose to its strongest level since the beginning of the year, subdued goods prices helped ease concerns about tariff-related pressures on the economy. The precious metal, which doesn’t pay interest and typically performs well in lower rate environments, has climbed approximately 28% year-to-date.
Market participants remain watchful for clarity on whether gold bar imports will face tariffs, after confusion last week when the US Customs and Border Protection agency suggested they would be subject to duties. President Trump later stated there wouldn’t be a levy but provided no details. Gold’s strong performance this year has been supported by increased safe-haven demand amid geopolitical tensions and robust purchases by central banks.
