Spot gold prices fell back under pressure during the day, dropping by nearly 1%. Quotes slipped to 4,306.15 USD per ounce. New York gold futures declined in parallel by 1% to 4,346.10 USD per ounce, while spot silver’s drop widened to 2%, touching 63.17 USD per ounce. Meanwhile, Goldman Sachs’ latest research note adjusted its expectations for the Bank of England’s rate-hike path. It expects the BoE to keep the benchmark rate at 3.75% on September 17, and, due to the rebound in energy prices and sticky inflation, to raise rates by 25 basis points in November. It also expects the central bank to start cutting rates within a window before the end of 2027.
From a technical and intraday-structure perspective, precious metals saw a healthy pullback of close to 1% to 2%. In essence, it was a deliberate technical adjustment and profit-taking by long positions in the historical high range. Goldman Sachs’ revised rate-hike expectations strengthened the market’s pricing of a partial high-interest-rate cycle, but overall it did not change the broader trend of a long-term shift toward easier liquidity. The pullback in commodities and other broad assets effectively released prior overbought momentum.
In terms of macro financial asset linkages, risk-off safe-haven assets met resistance and pulled back in the short term, which helped drive a partial rebound in market risk appetite. When safe-haven premiums for traditional defensive assets such as gold and silver cool off moderately, some highly liquid funds that had booked profits in the safe-haven market begin looking for more resilient targets with more attractive valuations—thereby accumulating energy for a rebound in risk assets.
For the crypto market, the technical outflow of safe-haven capital creates a notable liquidity spillover effect. As funding risk appetite improves, more allocation capital is expected to return opportunistically to digital assets centered on
$BTC , helping the crypto market stabilize at key support levels and launch the next leg of an upside breakout rally.📈
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