US Data Bolsters Gold Despite Iran Deal Doubts, Silver Output Climbs as Bar and Coin Sales Rebound – Heraeus

Heraeus analysts report that fresh US economic data is supporting gold prices even as optimism fades over an Iran deal. Silver output is surging while bar and coin demand has rebounded from recent lows. Gold prices held steady to slightly higher after the prior week’s rally.

Thick fog surrounds talks on reopening the Strait of Hormuz, with oil flows near zero since early July. The Brent-WTI spread reached $6 per barrel on 14 August, above the $4 level seen on 5 August yet below March-June peaks. CPI at 3.4% and PPI at 4.7% came in at or below estimates, cutting the US 2-year yield by 20 basis points and lowering the odds of a September Fed hike to 35%.

Barrick’s gold output hit 796 koz while Pan American Silver produced 6.47 moz. Perth Mint silver sales rose to 486 koz in July. Spot gold traded at $4,425.20 and silver at $66.389.