The bigger risk is what the Fed does next
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The copper price and shares of S&P 500 copper mining giant Freeport-McMoRan turned sharply lower on Thursday morning after a Reuters report cast doubt that the White House would broaden tariffs to cover refined copper. Tariff expectations had helped fuel a new copper price earlier this week. While copper fell the hardest, gold, silver and other precious metals prices also lost ground amid a firmer dollar, $100 U.S. crude oil and higher inflation-adjusted Treasury yields.

If the Fed chief opts against raising rates, the market may fear that politics is guiding his thinking. That could lift gold.

The speech gives Warsha chance make up for his July 29 news conference that sent long-term Treasury yields jumping amid doubts about his determination to rein in inflation. S&P 500 futures are slightly lower and the 10-year Treasury yield modestly higher ahead of the big speech. The developments since July 29 have only raised the stakes for Warsh's talk.

Investors' dreaded enemy — inflation — is already hovering around 3.4%. That's the highest level in years. What's the solution?

<p>The 30-year Treasury yield recently hit 5.33%, a 19-year high, before Treasury intervention. Meanwhile the national debt is closing in on $40 trillion with the federal deficit on track to top $2 trillion this fiscal year. It’s a reality that's actively reshaping which ETFs win and which get punished. Here's how America's debt reality is hitting the ETF market right now.</p>

Gold surged after a bruising jobs report, but GLDM still sits well below its 2026 record, and that gap creates a very different conversation than buying bullion at a peak.

Cooling inflation is easing Fed rate-hike fears, creating a favorable backdrop for growth, emerging-market, Asian and gold ETFs.
One inflation print could decide whether the rally continues
BNP Paribas Wealth Management just handed clients a gold target that would stun most investors, and the bank says two converging forces make it more realistic than it sounds.
Falling inflation fears revived demand for non-yielding assets
(Updates prices in the second and final paragraphs.) Gold was mostly steady midafternoon Friday,
Gold was steady early Friday, sticking above the $4,000 mark even as the dollar rose. Gold for Au
Bullion hit a one-week high as investors bought the dip while monitoring geopolitical risks and Fed rate expectations.