Precious metals are continuing to be impacted by rising inflation and shifting rate expectations, while both gold and silver demand are being reshaped by India’s new import tariff regime, according to precious metals analysts at Heraeus. In their latest update, the analysts noted that both U.S. consumer and producer prices continued to rise last month, while the Personal Consumption Expenditures (PCE) index is also expected to climb further above the Fed’s 2% target. “In response to the conflict in the Middle East and the subsequent price rises, the market has flipped from expecting 1-2 rate cuts in 2026 to now ... (full story)