Spot gold traded at $4,107.20 an ounce, a 0.55% gain, while silver rose 1.84% to $59.27. Market participants found relief in inflation data showing headline PCE decelerating to 3.7% year-over-year, while core PCE eased to 3.3%. These figures provided a necessary offset to Wednesday’s FOMC session, where three members dissented in favor of a 25-basis-point hike, keeping the possibility of a September increase on the table.

Equities mirrored this optimism, with the S&P 500 surging 1.7% to 7,437.63 as Microsoft’s earnings report revitalized interest in AI-linked stocks. Despite the broader market rally, the economic landscape remains complex. While the Strait of Hormuz continues to experience high-stress transit conditions that maintain a war-risk premium on oil, crude prices pulled back from Wednesday’s highs. Investors are now monitoring the 10-year Treasury yield, which remains elevated at 4.6%, and looking for further clarity in upcoming Fed communications to determine if the current gold recovery can sustain momentum above $4,101.10.