Cooling inflation in the United States helps boost expectations of interest rate cuts, while gold, silver, and platinum continue to hover at high levels.

Due to the slower-than-expected increase in US inflation data, the market's speculation on interest rate cuts has intensified, causing gold and silver prices to hover near historical highs on Friday, while platinum is also approaching its peak since 17 years ago. Data shows that the spot price of gold is hovering around $4,325 per ounce, with a weekly increase of 0.6%, poised to achieve a second consecutive week of gains. Gold had hit a historical high of $4,381 per ounce in October. The price of silver is at $64.99 per ounce, close to the historical peak of $66.89 per ounce set on Wednesday. Platinum briefly rose by 1%, while palladium also rose. The US dollar spot index remained flat. Data released on Thursday showed that the year-on-year increase in the US Core Consumer Price Index (CPI) fell to its lowest level since early 2021, further strengthening market expectations of interest rate cuts. For non-interest-bearing precious metals, the decline in borrowing costs is undoubtedly a significant positive factor. However, the record six-week government shutdown that just ended last month has greatly reduced the reference value of this latest inflation report. After the Federal Reserve cut interest rates for the third consecutive time this year last week, their stance on the future pace of monetary easing remained ambiguous. Traders currently estimate a 25% probability of a rate cut by the Fed in January next year, while US President Trump is calling for a significant rate cut next year. Geopolitical tensions have also boosted the safe-haven appeal of gold. This week, the situation in Venezuela continued to escalate, with the Trump administration ordering a blockade on all sanctioned oil tankers and increasing military deployment in the region to pressure the Venezuelan government, further supporting the rise in gold prices. The precious metals sector has seen a surge this year, with gold and silver on track for their best annual performance since 1979. With major central banks continuing to buy gold in large quantities and the influx of funds into gold ETFs providing dual support, silver prices have more than doubled this year, while gold prices have also increased by about two-thirds. The Goldman Sachs analyst team led by Daan Struyven stated in a report, "The decline in US interest rates is prompting ETF investors to begin competing with major central banks for limited gold supply. We expect that the structural high demand from central banks and the cyclical support from the Fed's rate cuts will continue to drive the price of gold higher." At the same time, platinum prices have risen for seven consecutive trading days, with a doubling in gains this year, surpassing $1,980 per ounce to reach a new high since 2008. Sign of tightening supply in the London platinum market is emerging, with several banks transferring platinum inventories to the US to avoid tariff risks. In addition, with the launch of platinum futures trading in Guangzhou, Chinese market demand is picking up, and this year's platinum exports to China have shown strong performance.