Gold futures price ticked up to $2

Gold futures price ticked up to $2,344, buoyed by safe-haven flows amidst fresh Middle East tension headlines. CME data reflect increased short covering activity, often a precursor to upward momentum in the gold market. Most importantly, though, Bitcoin is scarcer. There will only ever be 21 million units in circulation. This hard supply cap can't be altered. On the other hand, if demand for gold suddenly shot up, it would become economically feasible to explore other mining techniques to grow the supply. Gold prices did not respond meaningfully to a higher-than-expected Consumer Price Index report for August. Prices rose 0.4% after rising 0.2% in July. Groceries and gas were up 0.5% and 1.9%, respectively. Despite the inflation uptick, investors still expect the Fed to lower interest rates next week in response to a weakening employment situation in the U.S. Lower interest rates could fuel even higher prices. Trading volumes increased 8% compared to the 10-day average, hinting at renewed institutional interest. Commodity analysts note that geopolitical tensions in Eastern Europe continue to underpin gold demand in futures markets.