Gold prices rose on Wednesday as the US dollar fell against most major currencies and markets digested US inflation data and its implications for the Federal Reserve’s decision.

Government data showed that the annual growth rate of the US Consumer Price Index (CPI) held steady at 2.7% in July, below expectations for an increase to 2.8%.

The core CPI — which excludes volatile food and energy prices — rose to 3.1% in July, above expectations of a 3% increase and compared with 2.9% in June.

According to the FedWatch Tool, investors see a 99% probability of a 25-basis-point rate cut in September, compared with 94% yesterday and 57% a month ago.

Analysts also see a 61% chance of another 25-basis-point cut in October, compared with 34% a month ago, along with a 51% chance of a similar cut in December, compared with 25% a month earlier.

Elsewhere, the US dollar index fell 0.2% to 97.8 as of 20:04 GMT, after reaching a high of 98.1 and a low of 97.6.

In trading, spot gold rose 0.1% to $3,403.4 an ounce at 20:05 GMT.

Ethereum posted gains in Tuesday’s trading, rising 3% over the past 24 hours as of 1:15 p.m. Eastern Time, while Bitcoin fell 0.4% during the same period.

The rise in Ethereum today is linked to news of increased support from major investors, as BitMine Immersion Technologies announced plans to issue an additional $20 billion worth of shares, using the proceeds to purchase more Ethereum.

A New Strategy to Strengthen Crypto Asset Reserves

BitMine Immersion filed with the US Securities and Exchange Commission (SEC) to increase the total planned stock sales by $20 billion, bringing the total value to about $24.5 billion. These funds will be directed toward purchasing more Ethereum.

The company, which brought on Tom Lee from Fundstrat as Chairman at the end of June, is betting this strategy will enhance Ethereum’s position in the digital asset market.

What’s Next for Ethereum?

After a decline in valuation over the first four months of 2025, Ethereum has seen a strong upward trend in recent months, gaining nearly 26% year-to-date. Growing government and institutional support has fueled this rise, especially after the passage of the GENIUS Act regulating stablecoins—a major boost for Ethereum since many leading stablecoins are built on its network.

While investing in Ethereum remains high-risk, key fundamentals have started to shift in its favor this year.

Not Ethereum Alone – Ripple Surges After Legal Victory and Institutional Moves

Ripple’s price jumped 11% over the past 24 hours, from $2.99 to $3.30, its highest level since July 28, supported by trading volume exceeding 300 million units, with peak turnover around 21:00 UTC on Thursday.

This surge followed the official end of the US SEC’s lawsuit against Ripple Labs, as both parties agreed to drop appeals before the Second Circuit Court of Appeals, removing the legal uncertainty that has surrounded Ripple’s regulatory status since 2020. Investors see this as opening the door to greater institutional participation, particularly in the United States.

From a technical perspective, analysis points to a bullish bias, with a flag formation pattern potentially pushing prices toward targets between $8 and $15 in the long term. A return above the $3.33 support level increases the likelihood of testing the near-historic peak around $3.60.

In derivatives, there has been strong activity in Ripple options, particularly in long straddle positions that indicate expectations of heightened volatility. Additionally, Japanese firm SBI Holdings has filed to launch an ETF including Bitcoin and Ripple, which could serve as another potential support factor.

US stock indexes rose on Wednesday as markets tracked the implications of recent trade talks and inflation data.

Government data showed that the annual growth rate of the US Consumer Price Index held steady at 2.7% in July, below expectations for a rise to 2.8%.

The core inflation index — which excludes volatile food and energy prices — rose to 3.1% in July, above expectations for a rise to 3% and compared to 2.9% in June.

According to the FedWatch tool, investors now see a 99% probability of a 25-basis-point interest rate cut in September, compared to 94% yesterday and 57% a month ago.

Analysts also expect a 61% probability of another 25-basis-point cut in October, compared to 34% a month ago, along with a 51% probability of a similar cut in December, compared to 25% a month earlier.

In trading, the Dow Jones Industrial Average rose 0.7% (315 points) to 44,777 points as of 17:30 GMT, the S&P 500 gained 0.1% (5 points) to 6,450 points, while the Nasdaq Composite added 0.1% (5 points) to 21,685 points.

Nickel prices fell on Wednesday amid a continued global supply surplus, despite the decline of the US dollar against most major currencies.

Nickel inventories on the London Metal Exchange remained within a limited range, rising by 1.5% to 212,232 tonnes, compared to 209,082 tonnes a week earlier.

This increase came despite the continued supply surplus in the market, as nickel inventories on the London Exchange have risen since the beginning of the year by about 40,000 tonnes to reach 195,000 tonnes, supported by strong refining capacity by Chinese companies in Indonesia. And despite attempts to curb supply, overall market sentiment remains cautious, with any recovery dependent on a significant improvement in final demand.

Indonesia’s nickel market faces continued surplus

Indonesia’s nickel market remains under pressure, as government-approved production quotas have exceeded actual production levels, which has boosted the supply surplus. Prices of nickel ore intended for pyrometallurgical smelting have declined, while prices of nickel ore used in hydrometallurgical smelting have remained stable.

Prices of high-grade ferronickel have also remained stable, but smelters’ profit margins have stayed narrow. Policymakers are considering possible interventions, but abundant supply and weak demand may limit price increases in the near term.

China’s nickel market remains resilient despite the surplus

Nickel and stainless steel markets in China have shown signs of resilience, despite weak overall demand and continued oversupply. The government’s policy to reduce industrial overcapacity, along with expected seasonal changes in Philippine mining, may influence supply and price trends in the coming months.

Outlook

Nickel prices recorded slight gains last week, but remained constrained by the global supply surplus, especially from Indonesia, and by cautious demand prospects. The market is monitoring US interest rate policy, Chinese stimulus measures, and seasonal changes in Indonesian supply as potential factors for any shift in nickel price momentum in the future.

On the other hand, the US dollar index fell by 0.4% to 97.7 points as of 16:44 GMT, recording a high of 98.1 points and a low of 97.6 points.

In US session trading, spot nickel fell by 0.8% to $15,100 per tonne at 16:55 GMT.