In a remarkable turn of events, gold prices have exploded to unprecedented levels, setting new record highs both in intraday trading and at market close. The December gold futures contract reached a staggering intraday high of $2,570.40, with the contract ultimately closing at $2,552.10, reflecting a gain of $9.50 or 0.37% on the day.

The precious metals market witnessed a marginal decline in gold futures today, with the most active December contract closing slightly lower. Despite this minor setback, the yellow metal found support from a weakening U.S. dollar. Over the past two trading sessions, the greenback has experienced a significant drop of over one percentage point, providing a cushion for gold prices.

History was made once again today with gold surging to its highest closing price in history. As of 5:50 PM EDT, gold futures are up over 2%, a net gain of $51.70 fixing a troy ounce at $2546.20. This marks the fourth occasion in which gold challenged and successfully closed at a higher high than the previous record high close **. 

Recent economic data has set the stage for a potential interest rate cut by the Federal Reserve in September, as retail sales surged and inflation continued to cool. These developments have sparked optimism among investors and economists alike, signaling a possible shift in monetary policy.

In today's episode Joseph Wagner does a deeper dive into the silver markets.

In our show today we look at Gold's current Elliot Wave count and Joseph Wagner takes a deep dive into silver's price action and recent disconnect with gold.

Amidst a confluence of factors typically bearish for the precious metal, gold prices managed to post solid gains on Thursday. This resilience in the face of economic data and market dynamics that would normally weigh on the yellow metal suggests the recent price correction may be nearing its end.

Gold prices continued their downward trend on Thursday, unable to sustain early gains despite a brief rally in overseas trading. The precious metal's most active December contract settled at $2,423, marking a daily decline of $8.60 or 0.35%. This performance extends gold's losing streak to five consecutive days, during which it has shed $70 in value.

The gold market has been experiencing a turbulent period in August, with prices declining for the fourth consecutive trading session. This downward trend began on August 1, when the December gold contract decline by the fractional amount of $2.50, after opening at $2,493.40.

In a tumultuous day of trading, gold futures experienced a significant downturn, mirroring the broader market sell-off that swept across various asset classes. The most active December contract for gold plummeted nearly $100 in volatile trading, opening at $2,490.30 and reaching an intraday high of $2,500.80 before succumbing to intense selling pressure.