Gold Nears Two-Month High Ahead of Wednesday's CPI Report

By Michael Kern - Aug 11, 2026, 12:00 PM CDT Gold touched its highest level since June and silver held near a seven-week high as traders weighed a cooling jobs market against a stalled Iran-Oman deal keeping oil above $84. Barrick Mining posted its worst session since March after analysts said its $1.95 billion Newmont settlement undervalued the Fourmile deposit by billions of dollars. Wednesday's CPI report, forecast to show core inflation at 2.5% annually, will test whether September Fed rate hike odds keep falling from this week's 46%. Gold pushed toward $4,450 an ounce Tuesday, its best level in about two months, as a stalled U.S.-Iran deal to reopen the Strait of Hormuz kept oil elevated and traders braced for a Wednesday inflation report that could decide whether a September Fed rate hike is really off the table. Silver pushed above $65 for a second straight session, extending its climb to a seven-week high.