Gold futures rallied as Fed officials debated rate paths.

Gold futures recovered above 4,100 after dipping to their lowest levels since November, despite posting a 14% quarterly loss and forming a technical death cross. The rebound was supported by Fed Chairman Warsh noting reduced inflation risks, even as he avoided forward guidance ahead of the July 29 meeting. Cleveland Fed's Hammack countered with hawkish remarks, prompting the market to price in a 25 bps rate hike by year-end. Silver futures tracked gold higher with amplified swings, jumping over 1.5% to top 60. Meanwhile, Copper futures slipped to 6.14 as near-term tariff uncertainty offset long-term AI and clean energy demand.