Gold and Silver futures rally as hike expectations fade.

Gold and Silver futures surged on Wednesday as a weaker U.S. dollar and falling WTI Crude Oil futures eased inflation concerns. After nine sessions of downward pressure, Gold futures bounced 3.5%, testing an overnight high of 4601. Market sentiment shifted as the probability of a September interest rate hike dropped to 13.5%, down from previous hawkish expectations. Industrial metals also saw a significant relief rally, with Silver futures gaining over 5% and Copper futures rising over 2%. Traders are monitoring disruptions in the Strait of Hormuz while focusing on the long-term structural forecast for industrial consumption.