Gold and Silver do not look out of breath despite hitting fresh peaks continuously. The PCE inflation index also came in line with expectations, keeping the rate cut narrative intact. Geopolitical tensions, including NATO’s warnings to Russia and China’s plans to secure foreign sovereign gold reserves, added to gold’s upward momentum. Last week’s data points and comments were fairly mixed, keeping the market participants hopes for more two rate cuts in 2025. If labour market continues to weaken rate cut expectations for next year also might shift and bullion could get further boost.