Analysts: The rise in CPI is likely to suppress the possibility of the Federal Reserve cutting interest rates

ChainCatcher news, Exinity Group Chief Market Analyst Han Tan stated: "The market is well aware that the path to a trade agreement between major economies is not smooth. As long as there is a risk of further escalation in global trade tensions, or even just maintaining high levels for a longer period, gold should continue to find support."

CPI may provide investors with more guidance on the Fed's policy path. "The market expects CPI data to rise, which should suppress the likelihood of a Fed rate cut," Tan added. "We expect silver prices to reach $38 per ounce in the coming months. Market deficits and a weakening dollar are key factors for further price increases, potentially testing $40 per ounce."