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Gold and Silver move higher after last week’s pullbacks but the precious metals are struggling with resistance ahead of the US PCE release.
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Escalating tensions in the Middle East sees silver, gold, and oil all pushing higher
![Bars of gold and silver Bars of gold and silver](https://img.capital.com/imgs/articles/263x190x1/GettyImages-599948345.jpg)
Precious metals continue to pull back as the recent rally had become overextended and unsustainable
![Bear market, illustration Bear market, illustration](https://img.capital.com/imgs/articles/263x190x1/GettyImages-1369915685.jpg)
As the latest CPI data shows inflation cooling more than expected we take a look at the latest charts.
![Silver coins and bullion Silver coins and bullion](https://img.capital.com/imgs/articles/263x190x1/shutterstock_143690194_5.jpg)
Rising interest rates and a strong dollar pushed silver to a two-year last September, but what lies ahead?
![Commodities Businessman representing recessionary, stagflation or inflation economies with graphs of the stock market as a concept of raw material. Financial world crisis concept.](https://img.capital.com/imgs/articles/263x190x1/shutterstock_2176844219.jpg)
Strength to strength in the commodity space, however, topside exhaustion begins to creep in
![Coal miners Coal miners standing in front of a coal shaft](https://img.capital.com/imgs/articles/263x190x1/GettyImages-sb10064168d-002.jpg)
Gold and copper miners are seeing significant gains in the last few days as commodity prices inch up once more
![Silver coins and bars Silver coins and bars on a dark background](https://img.capital.com/imgs/articles/263x190x1/GettyImages-1367285009-7-.jpg)
Silver prices have been surging lately as China continues to delay bringing back mass lockdowns
![Market 2023 Outlook Market 2023 Outlook](https://img.capital.com/imgs/articles/263x190x1/image-3-_1.png)
2022 has been a year of geopolitical turmoil, economic uncertainty and tightening monetary policy, which has resulted in heightened volatility and unexpected market events.
![Silver Outlook 2023 Silver Outlook 2023](https://img.capital.com/imgs/articles/263x190x1/GettyImages-1367285009_1.jpg)
Silver may find support from a Fed pivot, however, recession risks look to favour gold over silver
![Gold jewellery A variety of gold jewellery against a plain background](https://img.capital.com/imgs/articles/263x190x1/GettyImages-168167875.jpg)
India has seen a considerable rise in gold jewellery demand during this year's wedding season
![copper copper](https://img.capital.com/imgs/articles/263x190x1/shutterstock_1544721710.jpg)
Following a negative 2022, copper may become an intriguing market in 2023 as China reopens from Covid.
![Renewable energy illustration Solar panels and wind turbines](https://img.capital.com/imgs/articles/263x190x1/solar-and-wind-power.jpg)
Capital.com also looks at how mining and energy stocks in China could benefit
![Goldman Sachs logo A Goldman Sachs logo displayed on a smartphone](https://img.capital.com/imgs/articles/263x190x1/GettyImages-1244805697.jpg)
Several investment banks have recently released their global macroeconomic outlooks for the next year
![Copper mine A view of Pinto Valley copper mine in Miami](https://img.capital.com/imgs/articles/263x190x1/GettyImages-1410152071_0.jpg)
The XME has dropped more than 22% since the end of June subdued by softening global demand and high interest rates