Today’s Commodities News: After Steady CPI, Markets Turn to PPI as Gold Holds High and Oil Watches

🟡 Gold: Holding Near Highs After CPI, Markets Await PPI

US July CPI broadly came in line with market expectations, easing concerns about a sudden acceleration in inflation. Gold remains near multi-month highs, while market attention has now shifted to today's US July PPI data to assess whether new price pressures are emerging at the producer level.

🛢 Crude Oil: Middle East Developments Continue to Influence Energy Markets

Oil prices remain sensitive to developments involving the US-Iran situation and risks surrounding the Strait of Hormuz. Markets are closely watching energy transportation and supply conditions, while the International Energy Agency expects the ongoing conflict to potentially create a significant supply shortfall in the global oil market during the third quarter.

💵 US Dollar: DXY Returns Near 100

The US Dollar Index has moved back toward the 100 level. Yesterday's CPI data did not provide a clear signal for an immediate shift toward easier monetary policy, and markets are still reassessing the future path of interest rates. Today's PPI release will be an important short-term driver for the dollar.

🇺🇸 Todays Key Event: US July PPI

The US Bureau of Labor Statistics is scheduled to release July PPI data today. Markets will focus on whether producer-side costs are showing renewed inflationary pressure, as well as the immediate reaction of Treasury yields, the US dollar, and gold.

Today's Core Market LogicStable CPI → PPI Takes Over → Reassess Inflation → Treasury Yields → US Dollar → Gold

And:

Geopolitics → Energy Supply → Oil → Inflation Expectations

One-Sentence Summary: Today's market focus shifts from CPI to PPI. Whether gold can maintain its elevated levels, the US dollar can hold near 100, and oil prices continue to receive support from geopolitical risks will be the key factors to watch.