Gold and Silver futures rallied today as the yield curve steepened, with the gap between short- and long-term Treasury yields widening. This steepening suggests investors believe an earlier-than-expected rate-cutting cycle could fuel inflation while economic growth slows, a classic stagflation scenario that would boost demand for safe-haven assets. This follows the latest CME FedWatch Tool data, which shows an 87.3% chance of a 25 basis point cut at the September meeting and a 42.9% chance of a further cut in October. Looking ahead, investors are awaiting Friday's personal consumption data, which is expected to show the fastest annual pace of acceleration in five years. Copper prices also edged lower as the dollar rose, and China's industrial profits fell by 1.5% last month.