On September 10th, COMEX gold maintained high-level fluctuations, closing at $2,680.4 per ounce, down 0.05%. Domestic SHFE gold's night session fluctuated higher, closing at 585.16 yuan per gram, up 0.21%.
The U.S. Bureau of Labor Statistics released data on Wednesday showing that U.S. August PPI year-over-year was 2.6%, compared to expectations of 3.3% and previous value of 3.3%. U.S. August PPI month-over-month was -0.1%, compared to expectations of 0.3% and revised previous value of 0.9%. PPI turned negative month-over-month for the first time in four months, indicating that companies maintained price restraint despite facing rising tariff cost pressures. Both year-over-year and month-over-month data weakened simultaneously, adding new supporting factors for the Federal Reserve's rate cut decision next week. After the data release, U.S. stock index futures rose briefly, Treasury yields fell broadly, and the dollar index declined in the short term. Gold trends continued to receive support, but considering today's CPI data, market trading remained cautious with limited upward momentum. Key focus is on whether today's CPI data can allow the market to continue previous rate cut judgments.
Regarding the Federal Reserve, on Wednesday local time, the U.S. Department of Justice filed a notice with the Washington Federal Court of Appeals, requesting to overturn the previous ruling. Previously, U.S. District Judge Jia Cobb ruled to temporarily block President Trump from dismissing Federal Reserve Governor Cook on grounds of alleged mortgage fraud. The U.S. Department of Justice appealed this ruling. As long as Cobb's ruling remains effective, Cook can participate in the highly anticipated September Federal Reserve meeting. The struggle over whether Cook can continue in office has become a central battleground for Trump's efforts to exert greater control over the Federal Reserve. If Cook cannot remain in office, the probability of the September monetary policy meeting turning dovish with significant rate cuts may correspondingly increase, and gold prices may still show relatively strong performance next week.
(Data source: WIND)