Gold and silver markets enter the new week buoyed by cooling inflation data and a significant recalibration of interest-rate forecasts. Market participants currently price in a 31% probability of a September rate hike, a sharp decline from the 55% outlook held just seven days ago. This shift in sentiment has provided a tailwind for precious metals, placing the burden of proof on incoming economic indicators.

The week’s focal point is the Wednesday release of the FOMC minutes from the July 28–29 meeting. Investors will scan the document for evidence that central bank officials are warming to a prolonged pause in tightening. A dovish tone in the minutes could sustain gold’s momentum, whereas any hint of persistent hawkishness may bolster the dollar and pressure bullion prices.

Beyond central bank signals, industrial and housing data will provide a granular look at the economy's resilience. The New York Empire State Manufacturing Index kicks off the week on Monday, followed by housing starts and building permits on Tuesday. Later in the week, the Philadelphia Fed’s manufacturing survey and Friday’s S&P Global Composite PMI will offer a snapshot of private-sector health. Should these reports reveal softening demand, the case for steady interest rates will likely strengthen, providing further support for non-yielding assets like gold.