“Spot gold kicked off the week trading at $2,496.91 and spent the evening session flirting with $2,500 per ounce before North American traders joined the party on Monday morning to push the yellow metal above it. Spoiler alert: After 1 p.m. EDT on Monday, prices never sniffed the 2400s again.
Tuesday saw gold continuing to consolidate, with prices trading in a narrow $10 range during the North American session before catching a bid overnight to hit the then-weekly high of $2,527.77 per ounce.
Wednesday morning brought the week’s first major economic data release, with U.S. CPI for August driving gold $20 lower to $2,504 per ounce, after which it spent the rest of the day grinding slowly and steadily higher.
But the release of U.S. PPI for August on Thursday morning turned out to be the week’s major catalyst for gold’s price action, along with other precious metals and most risk assets, with the yellow metal rocketing from $2,521 per ounce just before the 8:30 a.m. Eastern release to $2,548 just one hour later.
From there, gold began a steep and steady climb that saw it set multiple new all-time highs throughout Thursday and Friday trading, with each shallow pullback followed by another decisive leg higher.
Spot gold’s new all-time high of $2586.16 was set just before 1 p.m. on Friday afternoon, and the yellow metal held above $2,580 per ounce for the duration of Friday's trading session.”
