On September 11, spot gold and spot silver experienced intense short-term volatility, with spot gold briefly plunging below the $4,300 mark before staging a rapid rebound.
As of the time of writing, spot gold had advanced 1.51% to $4,381.61 per ounce, while spot silver had climbed 2.12% to $64.92 per ounce.
Looking at the macro backdrop, data released by the U.S. Bureau of Labor Statistics on September 11 showed that the country's consumer price index rose 3.4% year-over-year in August, in line with expectations. On a month-over-month basis, the CPI increased 0.4%, also matching forecasts. Core CPI, which excludes volatile food and energy prices, edged up 0.3% month-over-month, surpassing the anticipated 0.2% rise. Annually, core CPI advanced 2.4%, consistent with projections.
Following the inflation report, traders now assign approximately a 90% probability that the Federal Reserve will raise interest rates next week, a significant jump from the roughly 70% odds seen prior to the data release. Furthermore, markets are fully pricing in two additional rate hikes by the end of this year.
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